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Recently, there have been limited movements from some central banks to liquidate part of their gold reserves despite ongoing geopolitical tensions. This step seems more tactical than a strategic shift and primarily reflects an increasing need for liquidity amid rising spending and economic pressures.

Conversely, demand for gold remains from other parties, indicating that the picture is not one-directional.

Gold has not lost its role as a safe haven, but it is entering a phase of rebalancing where its movement is more closely linked to liquidity factors and financial pressures rather than just geopolitics.