GOLD : Gold will increase unexpectedly in the near future
Updated
According to the World Gold Council, first-quarter gold purchases by central banks were the heaviest in history. Some market observers say gold's 12% gain this year is partly driven by central bank demand.
According to Goldman Sachs, central banks tend to buy gold in the long term and it is possible that emerging market countries may buy more gold.
“Emerging-market central banks are driving the gold rush,” Goldman researchers said. However, their gold holdings still account for only 6% of reserves, half that of developed countries."
Gold prices are also driven by demand from Asian investors, especially in China, where demand for gold is growing due to an underperforming economy and gloomy markets. Rising geopolitical risks and conflicts in Ukraine and the Middle East have also boosted gold purchases as a safe haven asset.
Spot gold decreased 0.6% to 2,310.34 USD/ounce. The Bloomberg Dollar Spot Index increased slightly. Silver, palladium and platinum all fell in price.
According to Goldman Sachs, central banks tend to buy gold in the long term and it is possible that emerging market countries may buy more gold.
“Emerging-market central banks are driving the gold rush,” Goldman researchers said. However, their gold holdings still account for only 6% of reserves, half that of developed countries."
Gold prices are also driven by demand from Asian investors, especially in China, where demand for gold is growing due to an underperforming economy and gloomy markets. Rising geopolitical risks and conflicts in Ukraine and the Middle East have also boosted gold purchases as a safe haven asset.
Spot gold decreased 0.6% to 2,310.34 USD/ounce. The Bloomberg Dollar Spot Index increased slightly. Silver, palladium and platinum all fell in price.
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