Reasons for central banks returning to gold

Gold prices experienced a significant increase amid growing demand from central banks around the world, especially in light of geopolitical and political tensions and investors' concerns about the credibility and effectiveness of the U.S. Federal Reserve's policies. After stabilizing around the $4,000 per ounce level, gold jumped by 10% since the beginning of August, amid expectations that it would achieve one of its best monthly performances this century, driven by a decline in U.S. interest rate hike expectations and a weak dollar. Central bank purchases also surged to record levels, with the second quarter marking the highest total in years, as China continued to bolster its gold reserves, reflecting a trend toward hedging against inflation and geopolitical risks. However, gold remains highly volatile and is not considered a fully safe haven.

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