Fifteen minutes after takeoff, Serbia’s central bank governor got a call: millions in gold bars were left behind at a Swiss airport. This shows how urgent gold has become for central banks. Serbia is one of many countries quickly buying gold to secure their wealth. The price of gold hit a record $4,643 an ounce this week and could climb to $5,000. Geopolitical tensions and doubts over the US Federal Reserve’s independence have shaken markets. Many central banks are cutting their reliance on the US dollar. "It is the law of the jungle when we see what the US are doing," said Raphaël Gallardo, Carmignac's chief economist. He added that investors worry their reserves may be seized overnight. Central bank reserves usually include dollars, euros, yen, pounds, gold, and bonds. The dollar has been the main reserve currency but is now dropping from 66% to about 57% in a decade. No other currency has taken its place, so gold is gaining importance. In June 2023, gold became the world’s second-largest reserve asset after the dollar. A survey of 50 central banks by Invesco found half want more gold, and two-thirds plan to bring gold back from foreign vaults to local ones. "Gold has always been the ultimate safe haven," said Rod Ringrow from Invesco. Political instability and the weaponisation of reserves after the Russia-Ukraine conflict have driven this change. Many central banks keep gold in London, Switzerland, and New York. The Bank of England holds about 400,000 bars worth over half a trillion dollars. Some countries like Venezuela and Russia face difficulties accessing gold held abroad due to political disputes. Others like India, Hungary, Turkey, and Poland are actively repatriating gold. Gold purchases by central banks rose 10% in the year to September, led by Poland, Kazakhstan, Azerbaijan, and China. China holds over 2,000 tonnes of gold, aiming to rival the US, which has over 8,000 tonnes. While cryptocurrencies may become important, central banks are cautious because of volatility and security issues. Economist Jonathan Fortun said, "I don’t think the dethroning of the dollar would be the main concern if we arrived to the stage where we were to be bartering in gold. That would be a second round effect – we’d have many other issues."