Rising central bank gold purchases and repatriation are seen as a symptom of deglobalization. This trend indicates a move towards a more fragmented world where international transactions may become more challenging.

<p>Central banks’ purchases and repatriation of gold are on the rise, and both should be viewed as a symptom of deglobalization. They signal the advent of a more geopolitically fragmented world in which cross-border transactions of all kinds are poised to become more difficult and costly.</p>