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Non-Tech : The Woodshed
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To: bull_dozer who wrote (60631)10/31/2023 12:00:28 PM
From: bull_dozer  Read Replies (2) of 60899
 
China leads record central bank gold buying in first nine months of year

Central banks in emerging markets look to reduce reliance on US dollar for reserves holdings

China has spearheaded record levels of central bank purchases of gold globally in the first nine months of the year, as countries seek to hedge against inflation and reduce their reliance on the dollar.
Central banks have bought 800 tonnes in the first nine months of the year, up 14 per cent year-on-year, according to a report by the World Gold Council, an industry group.
The “voracious” rate of buying has helped bullion prices defy surging bond yields and a strong dollar to trade just shy of $2,000 a troy ounce.
Surging consumer prices and depreciating currencies in many markets has triggered a rush to gold as a store of value, while the yellow metal has also historically been held when global inflation rises.

https://www.ft.com/content/abc39431-1755-4906-b11e-ee9e53baadfe
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