Inflation is showing signs of cooling; the economy is running hot, and the odds that the Federal Reserve will raise interest rates are dropping. Any one of those would be an argument against buying gold. Put them all together; there would seem to be a definitive bearish case against the yellow metal.
But if this is a poor time to buy gold, the message hasn’t made its way to central banks. It’s true that some central banks sold a total of about 30 tons of gold in Q1 2026. However, much of that was done for tactical, country-specific reasons.
