China continues to dominate the gold market with a 12-month buying spree, adding 23 tonnes in October

  • 📰 KitcoNewsNOW
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 78%

United States News News

United States United States Latest News,United States United States Headlines

(Kitco News) - Central bank gold demand continues to define the precious metals market, providing critical support and withstanding considerable headwinds as the Federal Reserve maintains a tightening bias regarding its monetary policy.

Last week, the World Gold Council raised its expectations that central banks will be close to buying a record amount of gold this year, nearly or potentially exceeding last year’s record. Analysts note that China continues to dominate the gold market.

While China continues to lead central banks in overall demand, they are not alone in increasing their gold reserves. “The strength of buying has, to some degree, exceeded our expectations. While we were confident that central banks would remain net purchasers in 2022, we thought it unlikely that it would match last year’s record buying volume. Should buying continue to be strong in Q4, the full-year total could get closer than we anticipated,” the analysts said in the report.

“Gold is a well-rounded asset that can play a vital role in portfolios by providing long-term returns, diversification, especially in times of need, and providing liquidity,” he said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Global funds dumped another $3 billion in China stocks in October -Morgan StanleyMarket News
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »