10 July 2023
More countries are repatriating their gold reserves as a safeguard against potential sanctions, according to a survey by Invesco. The study, which involved 85 sovereign wealth funds and 57 central banks, revealed that over 60% of respondents found gold more attractive following the freezing of Russia’s reserves by the West. The survey also indicated that geopolitical concerns and opportunities in emerging markets are driving some central banks to diversify away from the US dollar. While most still view the dollar as the world’s reserve currency, a growing 7% see rising US debt as a negative factor.