3 November 2023
Central banks globally are aggressively purchasing gold, with China leading the charge, reflecting a strategic move to lessen reliance on the U.S. dollar. Amid geopolitical tensions and diversification efforts, central bank gold acquisitions have surged by 14% this year, with China contributing 181 tonnes to the 800 tonnes total. This shift comes as nations respond to the economic weaponization of the dollar, exemplified by sanctions against Russia, prompting a wider trend of de-dollarization.