Central bank reserves are long-term; long-term they are a positive tailwind.

They have much less to do with short-term price action.
But in the near term, the downside room is limited.
You should know that the world’s major non-US central banks began stockpiling gold with the 2022 Russia-Ukraine war.
Back then, the U.S. froze and sanctioned Russia, prompting some non-US countries to “sell U.S. Treasuries and buy gold.”
They have been stockpiling every year.
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