ব্যঙ্গাত্মক বর্ণনা এবং ফরেক্সের প্রবেশদ্বার বিন্যাস
Central banks accumulate gold to outperform each other
The beginning of spring turned out to be favorable for the global central banks. In March, they increased their gold reserves many times, reaching 15.7 tons.
Such activity could be considered an attempt to minimize possible risks. The future of the global financial system is hardly predictable, while gold allows central banks to be more resilient.
According to the World Gold Council (WGC), in March 2024, global regulators increased gold reserves by 15.7 tons. Preliminary estimates showed that central banks purchased 40.4 tons of precious metal and sold 24.7 tons. In March, Uzbekistan sold 10.9 tons of gold, which is more than other countries. Meanwhile, among the biggest buyers are such states as Turkey (14.1 tons), India (5.1 tons), and China (5 tons). Russia (3.1 tons) is also among the leaders.
Massive purchases of the precious metal led to a prolonged rise in gold prices. Against this background, the asset updated its all-time high. Such high buying activity could be explained by uncertainty and surging inflation.
Earlier, it was reported that the key buyers of Russian gold were the United Arab Emirates, Turkey, and China. These states purchased yellow metal from Russia despite sanctions imposed by the US and Western countries. In 2023, Russia became one of the top-6 suppliers of the precious metal to Switzerland, which joined the anti-Russian restrictive measures.
প্রকাশিত 16 May 2024
© InstaFintech Group
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© InstaFintech Group
