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World Central Banks Break Record in Gold Purchases. 🪙🔑
According to data from the World Gold Council, central banks added a total of 290 tons, valued at $24 billion, of gold in the first quarter of this year.
This marks the highest level of net demand recorded in any quarter based on data dating back to 2000.
Countries like China, Turkey, India, and Kazakhstan significantly influence central bank gold purchases with their demand.
Despite challenging conditions such as high yields and the strengthening of the US dollar, central banks continue their gold purchases.
The WGC suggests that more data is needed to determine whether the recent increase in gold prices will impact central bank purchases.
Gold, trading near $2,000 at the beginning of the year, has risen to $2,350.
The long-standing trend of central banks' gold purchases indicates that banks in emerging markets continue to play an active role.
Stay tuned for more updates on the global gold market!
