Central banks are hoarding gold at every dip. Last year, the central bank piled more than 1000 tonnes of gold. This year, the number is close to 800 tonnes in the first nine months, up 14 per cent year-on-year, according to a report by the World Gold Council, an industry group. With the US election around the corner in 2024 and the geopolitical situation worldwide, the sky-high interest will not be sustained for a long period. The Fed will eventually start cutting the rates, supporting gold prices.