Central bank gold demand eases
Gold industry market development organisation, the World Gold Council (WGC), reports that central banks’ monthly net gold purchases increased in January and February, following December’s five-month low.
So far this year, only five countries have increased gold reserves by at least 1 t. This includes Turkey, which bought 41 t, Russia with 19 t, the United Arab Emirates with 5.9 t, Kazakhstan with 2.8 t and Mongolia with 1 t.
However, WGC market intelligence manager Krishan Gopaul points out that central bank gold demand has eased significantly, with net gold purchases down 44% compared with the strength of demand experienced in January and February 2019.
“Looking ahead, what we do know is that recent market instability and uncertainty stemming from the Covid-19 pandemic will be at the forefront of central bankers’ minds, with a number of unprecedented interventions already proving this point.
"Nonetheless, we will have to wait and see how this impacts their outlook in the coming months,” he says.
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