Kitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
- Central bank gold demand continues to dominate the precious metal markets and, according to many analysts, it is one of the biggest factors supporting prices in the complex environment of rising bond yields and robust strength in the U.S. dollar.
"This lifts YTD net buying to ~88 tonnes, and total gold reserves to ~317 tonnes. We'll confirm the exact figure once reported via the IMF," he said in the post. Another major European gold buyer is Czechia. He said the Czech National Bank bought nearly 2 tonnes of gold in August. Data from the World Gold Council shows that Uzbekistan's gold reserves have been fairly volatile, as its latest purchase comes after selling 11.2 tonnes of gold in July, but Gopaul has noted that it's not uncommon for gold-producing nations like Uzbekistan to sell some of their domestic production.
"YTD net purchases amount to over 12 tonnes, lifting total gold reserves to just shy of 800 tonnes," he said.
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