Central banks set record gold purchases

A recent survey revealed that 45% of 74 central banks plan to increase their gold reserves over the next year, the highest rate since data collection began in 2018. Only one bank indicated an intention to reduce its holdings. Despite gold prices declining this year due to rising costs and expectations of prolonged high interest rates, experts see the lower prices as an opportunity for central banks to buy more, especially in emerging and developing economies that are expected to constitute the majority of buyers. Most banks continue to purchase gold through local programs and diversify storage locations, with a growing trend toward alternative storage strategies due to political risks.

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