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World central banks spend record numbers in purchasing gold

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  • Economy
  • 2 weeks ago
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The world banks have purchased around 651.5 metric tons of bullion in 2018 which is 74% higher than the previous year amounting to a spending spree of $27.7 billion and pushing the price to $1,321.15 per ounce.

With the estimated amount of 34,000 being held by the institutions, the Federal Reserve holds close to three quarters of U.S.’s foreign-exchange reserve.

Russia however lead the way in purchases as it sold nearly its entire amount of U.S. Treasury stock in order to purchase 274.3 tons of gold, other big buyers were banks from Turkey, Hungary, Poland, Kazakhstan and India.

With the current world economics in a tight balance due to the current trade war between Washington and Beijing and several other factors, investors have turned again to the safe haven gold provides.

 

Source: Smart Trend Team