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Countries worried about the dollar are buying gold

Thursday, June 20, 2024

6.20.24 - Countries worried about the dollar are buying gold

Gold last traded at $2,359 an ounce. Silver at $30.74 an ounce.

More rich countries worried about the dollar want to buy gold -Business Insider

Emerging economies, such as China and its allies, have been hoarding gold to diversify from the US dollar.

But they're not the only gold buyers.

Even central banks from advanced economies are planning to load up on gold, a World Gold Council survey released on Monday indicates.

This enthusiasm for the yellow metal has come even though the spot gold price is hovering at record levels, about $2,330 an ounce, after hitting nearly $2,450 last month.

The WGC survey, conducted from February to April, found that 29% of 70 central banks - the biggest share the WGC has observed since 2019 - were planning to buy gold over the next 12 months.

Among the central banks, about 15% of those in advanced economies said they planned to do so - also the most since 2019. Meanwhile, about 40% of emerging-market central banks said they'd be buying in the coming year.

The central banks' key reasons for more gold purchases included rebalancing their reserves and hedging against risks such as rising inflation, US dollar exposure, and market instability. Eight out of the 20 central banks that said they were planning to buy more gold also cited higher economic risks in countries where reserve currencies are from because of issues such as the rising US budget deficit. 

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