Central banks have maintained a consistent gold purchasing trend for 23 consecutive months, with notable acquisitions by Poland, China, and Uzbekistan. Poland increased its gold reserves by 20 tonnes, now constituting 31% of its foreign exchange reserves. China marked its 16th consecutive month of gold purchases, bringing its total reserves to 2,308 tonnes. Uzbekistan's gold holdings now account for 88% of its foreign exchange reserves. In contrast, Turkey sold approximately 120 tonnes of gold in March, not as a profit-taking measure, but to support foreign exchange operations amid the ongoing Iran conflict. This sustained buying activity by central banks raises questions about whether it reflects a strategic conviction in gold or is driven by market momentum.