Report: Central bank purchases and over-the-counter investment are again driving gold prices stronger
2024-04-30 06:14:44
On April 30th, the World Gold Council reported that central banks continued to buy gold aggressively in Quarter 1, driving gold prices to record highs throughout March. Investment over the counter remained substantial and, together with net purchases in derivatives markets, further drove gold prices higher. Central banks' official gold reserves in Quarter 1 rose by a net 290 tonnes. Global gold ETF holdings decreased by 114 tonnes in the quarter. Listed funds in Asia continued to grow, in stark contrast to declines in Europe and North America. Quarter 1 global gold bar and coin investment was flat from the previous quarter at 312 tonnes, a modest increase of 3% year-on-year. The strengthening gold price has helped maintain strong demand, which is 17% higher than the five-year average of 268 tons.
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