Gold Buying by Central Banks
Today, the price of gold is $1,987.90, off by $6.40.
800 tons. – That is how much gold China’s Central banks have bought this year, up 14% from last year, according to a recent report.
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Keep in mind, that China although the largest purchaser of gold, is by far not the only country that’s been snapping up the yellow metal.
Many other central banks is also purchasing gold.
Gold Buying by Central Banks
This by countries’ desire to weaken their dependence on the US dollar as a reserve currency, after Washington weaponised the greenback in its sanctions against Russia. China has stood out as the largest purchaser of gold this year as part of a 11-month buying streak. The People’s Bank of China has reported snapping up 181 tons this year, taking gold holdings to 4 per cent of its reserves.
As for the purchase of gold, central banks and governments of various countries, including some BRICS members, often purchase gold as part of their reserve management strategies. Gold is considered a store of value and a hedge against currency fluctuations and market uncertainties. Holding gold can provide a certain level of stability to a country’s financial reserves and can serve as a safeguard in times of economic volatility.
Furthermore, some countries purchase gold to diversify their reserve assets away from traditional currencies or other assets. Gold is often seen as a safe haven asset during times of economic uncertainty and can provide a level of security and stability to a nation’s financial position.
It’s important to note that central banks and governments may have varying reasons for purchasing gold, and these decisions are often influenced by their respective economic and financial policies, as well as their long-term strategic objectives.
Gold Buying by Central Banks
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