Gold hit a fresh record above $3,500 per ounce in Asia, surpassing April’s peak. The rally is driven by a weaker dollar and robust central-bank and institutional demand as investors rotate out of U.S. Treasurys, says Ipek Ozkardeskaya, senior analyst at Swissquote Bank. She highlights that foreign central banks’ share of Treasurys has been shrinking for over a decade, with the pivot to gold accelerating this year amid U.S. debt concerns, ratings downgrades, trade tensions, and geopolitical risks. Central banks’ gold allocations have now even exceeded their U.S. Treasury holdings