Global central banks have continued gradually increasing gold reserves while reducing allocations to US Treasuries, citing hedging necessity amid rising political uncertainty, sanctions risk, oil-linked volatility, and election-linked dollar swings. India crossed the $100 billion gold reserve threshold, adding importance to strategic metal allocations in emerging market reserve defence playbooks. Macro strategists say treasury downshifts reflect a structural shift rather than temporary risk aversion. This move could make future sovereign liquidity cycles more commodity sensitive and pricing transmission pathways more nonlinear across cross-asset hedging regimes going into 2026.