Gold fell even more on Monday, with prices sliding below $ 3,000/oz.
Central banks will continue to buy gold
“Gold is traditionally a safe shelter, but sometimes investors sell it along with other classes of assets to cover losses in other places. We believe that the sale of gold will be short -lived, since commercial and tariff uncertainty continues to reinforce its appeal as a safe refuge.”
“The Central Bank of China added gold to its reserves for the fifth consecutive month in March, despite record prices. Gold reached a new record above $ 3,100/OZ last month, closing the first quarter 19% higher. The gold maintained by the Popular Bank of China increased by 0.09 million Troy ounces last month.”
“We believe that central banks will continue to buy gold as geopolitical tensions and economic uncertainty push them to increase assignments to safe refuge assets. This should provide an additional tail wind to gold prices for the future.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
