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'The dollar is losing credibility': Why central banks are scrambling for gold
By Richard Partington
The Guardian, London
Friday, January 16, 2026
Fifteen minutes after takeoff, the call came for Serbia's central bank governor: Millions of dollars' worth of gold bars, destined for a high-security Belgrade vault, had been left on the runway of a Swiss airport.
In air freight -- despite the extraordinary value of bullion -- fresh flowers, food, and other perishables still take priority. "We learned this the hard way," Jorgovanka Tabakovic told a conference late last year.
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Serbia's is among a growing number of central banks to hastily amass vast stockpiles of gold, upending decades of conventional economic logic and fueling an increase in the gold price amid mounting geopolitical tensions.
As Washington challenges the U.S. Federal Reserve's independence, sending jitters through financial markets, the price soared to a record $4,643 (L3,463) an ounce this week, and analysts have tipped it to break $5,000 this year. ...
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