Gold at $3,000/oz in sight as central banks continue to buy
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(FORBES) – Gold’s rise towards a price of $3000 an ounce was derailed last month after reports that China’s central bank had stopped buying but other central banks seem likely to pick up the slack. A new survey of 70 central banks revealed the highest level of expected central bank gold buying since the analysis of their gold exposure started six years ago.
None of the banks which responded to the survey conducted by the World Gold Council (WGC) expect central bank buying to decline whereas 81% expect buying to increase.
Central banks are critical to the price of the metal which doubles as a global currency with their buying of 1037 metric tons last year only a fraction less than the record 1082 metric tonnes bought in 2022.