“…the largest acquisition of the precious metal on record…”
Central banks purchased a record $15.7bn of gold in the first six months of the year in an effort to diversify their reserves away from the US dollar as global trade tensions continue to simmer.
Central banks make record $15.7bn gold purchases https://amp.ft.com/content/b62ebb1a-b…
Data released by the World Gold Council on Thursday showed central banks, led by Poland, China and Russia, bought 374 tonnes of gold — the largest acquisition of the precious metal on record by public institutions in the first half of a year. Central banks accounted for nearly one-sixth of total gold demand in the period.
The pattern advances on last year’s activity in which central banks hoovered up more gold than at any time since the end of the gold standard (where a country could link the value of its currency to the precious metal) in 1971.
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