📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Central Banks Expect To Increase Gold Holdings

Published 06/18/2024, 05:26 AM
Updated 06/18/2024, 09:30 AM
© Reuters.  Central Banks Expect To Increase Gold Holdings

yolowire.com - Central banks around the world expect to increase their holdings of Gold in coming months, a move that could potentially boost prices.

The World Gold Council’s annual survey, which polled 70 central bankers, found 29% of them plan to raise their gold reserves over the next 12 months.

That’s the highest level since the annual survey began in 2018.

Last year, central banks added the second-highest amount of gold ever at 1,037 tons. In 2022, a record 1,082 tons of gold was purchased by central banks.

The World Gold Council said that the planned purchases among central banks are due to concerns about geopolitical instability and persistent inflation.

Earlier this year, the price of gold reached a record $2,439.98 U.S. per ounce. The rise has been driven in large part by central bank buying.

The latest World Gold Council report also found that nearly two-thirds (67%) of central bankers polled expect the U.S. dollar’s share of gold reserves to decline over the next five years.

Gold is currently trading at $2,331.50 U.S. per ounce.

This content was originally published on Yolowire.com

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.