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Central bank hunger for gold lifts demand to 3-year high

Section: Daily Dispatches

By Rupert Rowling
Bloomberg News
Thursday, August 1, 2019

Central banks continued to load up on gold in the first half of the year, helping push total bullion demand to a three-year high, according to the World Gold Council.

Nations added 374.1 tons in the first six months as Russia and China kept building reserves and Poland made a massive purchase. The trend is expected to continue, with a recent survey of central banks showing 54% of respondents expect global holdings to climb in the next 12 months.

... Dispatch continues below ...



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Central banks have added to reserves as economic growth slows, trade and geopolitical tensions rise, and authorities seek to diversify away from the dollar. Gold rallied to a six-year high in July, as expectations for lower U.S. interest rates and concerns about the economy boosted bullion's appeal. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-08-01/central-banks-hunger-...

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