9 October 2023
Central banks globally are significantly increasing their gold purchases, bolstering the metal’s market. The World Gold Council reveals a 38% rise in gold buying by central banks in August compared to July. Despite challenges from rising bond yields and a strong U.S. dollar, gold maintains its crucial support levels. The trend suggests continued robust demand throughout the year, moving away from the earlier net selling trends. The World Gold Council remains optimistic about sustained central bank demand for gold in the long run.