Market News
Central Banks On A Prowl For Gold: Demand Up 73%
Central banks’ appetite for gold has yet to be sated and continues to provide a strong pillar of support for the market as prices hold around $1,400 an ounce.
Official central bank reserve data is starting to filter through financial markets, showing that June was a busy month for gold purchases, and comes after a relatively quiet May, according to the World Gold Council.
Monday, the WGC updated central bank gold demand for May; in a statement Krishan Gopaul, analyst with the market intelligence group at the WGC said that reported net gold purchases in May totaled 35.8 tonnes, a drop of 27% from April. However, year-to-date purchase are up 73% compared to 2018.
“Several emerging market central banks – including Russia, China, Turkey and Kazakhstan – have dominated buying for a few years now, and this is still the case in 2019 with those banks [being] the four biggest buyers so far.”
