Gold's safe haven status wavered post-West Asia conflict, despite increased central bank purchases. These acquisitions, especially by emerging markets, are largely driven by sanctions risk, evidenced by Russia and China, and distrust of foreign custodians. While domestic gold offers security, it complicates transactions. The decline in gold held at the New York Fed and the trend of repatriation reflect growing geopolitical fragmentation. Overall, central bank gold accumulation signals deglobalization, highlighting a world where cross-border transactions become more difficult and costly.