GOLD NEWS

Report: Central Banks Accelerated Gold Buying In Q1

Thu May 02 2024

Central banks worldwide accelerated gold buying at the start of 2024 amid challenging conditions, the World Gold Council said in a new report.

According to the report, a total of 290 tonnes of gold were purchased around the world between January and March, marking the largest purchase ever made during the first quarter of any year. The amount of yellow metal added to central bank reserves represents the “strongest start to any year on record”, indicating that demand will remain robust throughout the year, the report said.

“The voracious buying has continued into 2024 in the face of the renewed gold price rally,” the report said. “Many have attributed central banks’ ongoing voracious appetite for gold as a key driver of its recent performance in the face of seemingly challenging conditions: namely, higher yields and US dollar strength.”

The biggest buyer for the quarter was Turkey, which brought in an additional 30 tonnes, bringing its total holdings to 570 tonnes.

Source: https://newtelegraphng.com/