Central banks around the world are quietly increasing their gold reserves at a rapid pace, driven by concerns over persistent inflation, mounting government debt and broader economic uncertainty. This trend reflects a growing desire among nations to diversify away from currencies such as the US dollar and hedge against potential instability in global financial markets, marking a notable shift in how countries manage their reserves.

The buying spree has coincided with a separate but related problem: a surge in gold-related scams targeting vulnerable individuals. The NYPD has warned of criminals posing as government officials to coerce elderly victims into converting their savings into untraceable gold bars, with authorities reporting more than $100 million (£78 million) stolen in New York City alone, including one victim who lost $9 million (£7 million).