Gold buying by central banks hits its highest level in almost three years

The WGC, a non-profit association of the world's leading gold producers, said other big buyers of gold during the third quarter were the central banks of Turkey, Kazakhstan and India In Europe, the national banks of Poland and Hungary also ramped up gold purchases Gold is often considered as a hedge against any fall in value of the US.

dollar During the third quarter, the dollar index ticked up by around 0.7 percent Despite the appetite from several central banks, the price of gold fell around 4 percent during the period, slipping below $1,200 per troy ounce to hit its lowest level since January 2017.

The WGC said that while central bank demand was complemented by more buying of physical bars and coins, jewelry and orders from technology firms, investors took flight The overall net effect was that gold demand in the third quarter was 964.3 tons, 6.2 tons higher on a year-on-year basis. . Source