08/04/2023
The gold market continued to see financial support from central banks, its strongest start since at least 2010, as countries continued to build up their gold reserves in February, according to the latest data released by the World Gold Council (WGC).
The World Gold Council said on Tuesday that global gold reserves rose by 52 tonnes in February, the 11th straight month of increases. Central banks bought a total of 74 tonnes of gold in January. In 2022, under uncertain factors including the Russia-Ukraine war, global central banks will buy a record 1,136 tons of gold.
Krishan Gopaul, senior analyst at WGC, said central banks have reported net purchases of 125 tonnes of gold so far this year, the strongest start since at least 2010. Analysts pointed out that the largest buyer in February was the People's Bank of China (China's central bank), which purchased 25 tons of gold. This is the fourth consecutive month that China has increased its gold reserves, adding a total of 102 tons of gold.
The WGC added that the newly disclosed figures from the Central Bank of Russia were not included in the February figures (global gold reserves rose by 52 tonnes). According to Russian disclosures, the Central Bank of Russia bought 1 million ounces (31 tons) of gold between February 2022 and March 2023. Gopaul said that according to new information, gold reserves now account for 24% of Russia's international reserves.
If countries are buying so much gold, why don't we start accumulating gold?
original source:
https://nai500.com/zh-hant/?p=456843
