Central bank gold demand especially after the last few years may have more to do with US policies toward Russian reserve assets than the USD's status as a global reserve currency. There are obviously some cases like the Polish central bank where they explicitly increased the % of reserves held in gold as a diversification play from USD or Euro assets. The increase in central bank demand has come off the boil over the last few years.

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Gold price surge in the last 12-16 months may be more a symptom of ETF and retail investor fed momentum trading.

Certainly when you look at foreign holding of USD long term assets that amount is going up quite fast as well, despite the sudden hiccup in April 2025 Liberation Day events.

IOW gold going up is not an indication of any move away from the USD as a reserve currency, it's more inline with the idea that as with many assets, US equity, US fixed income, BTC, private credit, or silver that there is a lot of money flow into just about every asset out there.