Central Banks Purchase 337 Metric Tons of Gold in Q3, Sustaining Strong Demand
Central banks worldwide increased their gold holdings by 337 metric tons in the third quarter of 2023, as per the World Gold Council’s latest report.
While just shy of the previous year’s record, this brings the year-to-date purchases to a new high of 800 metric tons, indicating strong and sustained demand for gold. Over the past month, gold’s price per ounce reached $2,002, with a 9% gain against the U.S. dollar during the last 30 days and a 22% increase over the past year. The report also highlights central banks’ significant role in driving gold demand and notes that gold investment demand increased by 56% in Q3. Despite a decrease in gold ETF holdings, the overall demand remains healthy.
Additionally, amidst rising economic uncertainty and tensions in Israel, precious metals and bitcoin (BTC) have surged, with gold appreciating by 9.4% and BTC soaring by 25% over the last month. U.S. stocks remained resilient, closing the week on a positive note as Treasury yields retreated, leading all four primary indices to finish in the green on Friday.
Clever Robot News Desk 6th November 2023
