New Delhi, July 16 -- Central banks, the major force behind the unprecedented rally in gold prices in recent years, are likely to continue their buying streak in the coming months and years. Analysts believe this could support the yellow metal in staying at elevated levels, with prices currently hovering around $3,335 per troy ounce in the international market.

Central banks worldwide are increasingly viewing gold as an alternative reserve to the US dollar, especially as the dollar is being used more frequently as a geopolitical tool, most notably through sanctions, asset freezes, and trade restrictions, which has accelerated the search for alternatives, and gold has emerged as a suitable option.

The world's dependence on the US dollar ...