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Central Banks Just Love Gold and It’s Going to Stay That Way
Bloomberg NewsAugust 26, 2019, 11:48 PM EDT Updated on August 27, 2019, 4:18 AM EDT
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China has ‘plenty of room’ to increase its holdings, ANZ says
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Purchases have climbed amid global growth slowdown, trade war
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A major gold-buying spree by central banks is likely to persist in the coming years, according to Australia & New Zealand Banking Group Ltd., which flagged the potential for further purchases by nations including China.
“In the current environment, where uncertainty in emerging-market currencies is high, we see good reason for countries like Russia, Turkey, Kazakhstan and China to continue to diversify their portfolios,” ANZ said in a note on Tuesday. Net buying by the sector is likely to stay above 650 tons, it said.
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