Why Russian and Chinese central banks will keep buying gold... no matter the price.
Emerging markets have beefed up gold holdings, undeterred by prices near their highest levels in more than six years, as countries such as Russia and China diversify their foreign-exchange reserves—a trend that is likely to continue.
Given the latest prices, with the most-active gold futures contract GCZ19, -0.78% settling at $1,499.50 an ounce on Friday, and about 32,151 troy ounces in one metric ton, the value of Russia’s gold reserves is at roughly $107 billion. Central banks had a record first half of the year, collectively buying 374 metric tons of gold through June, says Juan Carlos Artigas, director of investment research at the WGC. That was the highest first half of the year since central banks became net buyers in 2010. Net purchases from central banks year to date are still below those of 2018, but with the significant level of central bank purchases this year, “we will likely be above the 10-year average,” says Artigas.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why Gigi Hadid & Tyler Cameron Might Be More Than Just a Summer FlingIt's been over a month since Tyler Cameron was spotted on a date with Gigi Hadid, and they don't seem to be slowing down yet.
Read more »
Why My Husband's Scrambled Eggs Are the Worst (but Also the Best)All you have to do is glance at any given scrambled egg recipe, then skip the first step.
Read more »
Why Gigi Hadid & Tyler Cameron Are Reportedly StrugglingGigi Hadid and alleged new boyfriend Tyler Cameron are having a tricky time navigating the spotlight, reports claim.
Read more »
Milky Way's supermassive black hole seems to be getting hungrier and scientists aren't sure why'We have never seen anything like this in the 24 years we have studied the supermassive black hole,' researcher Andrea Ghez said.
Read more »
Why California Keeps Making Homelessness WorseCalifornia made homelessness worse by making perfect housing the enemy of good housing, by liberalizing drug laws, and by opposing mandatory treatment for mental illness and drug addiction.
Read more »
Here's why this week's rotation from winners to losers won't lastA swing from momentum to value stocks won't last if the trade war and recession are the major risks to the market.
Read more »