7 August 2023
Gold prices are rising, and central banks worldwide are buying in record numbers. The World Gold Council reports 387 tons purchased in the first half of the year. This surge is driven by global “de-dollarization” strategies, especially in the face of U.S. Federal Reserve’s interest rate hikes. China and emerging markets, in particular, are increasing their gold reserves to stabilize their economies and reduce reliance on the U.S. dollar. The trend also supports the internationalization of the Chinese yuan.