💡 XAUUSD: Gold reversed and dropped sharply
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According to Heraeus analysts, one of the key factors supporting the current strength of gold is the consistent and robust buying power of central banks. This remarkable level of central bank acquisitions may account for why gold prices have shown resilience, even in the face of downward pressure from a strong dollar and rising bond yields so far this year.
Experts point out that central banks have increased their gold reserves by 800 tons, representing a 14% rise compared to the same period in 2022.
Furthermore, experts anticipate that central banks will continue to show a strong inclination towards gold purchases this year, although it is unlikely to match the purchasing power seen in the previous year. Nevertheless, if the fourth quarter performs as well as the previous one, global central banks' net gold acquisitions are poised to surpass the record set last year, which stood at 1,082 tons.
Experts point out that central banks have increased their gold reserves by 800 tons, representing a 14% rise compared to the same period in 2022.
Furthermore, experts anticipate that central banks will continue to show a strong inclination towards gold purchases this year, although it is unlikely to match the purchasing power seen in the previous year. Nevertheless, if the fourth quarter performs as well as the previous one, global central banks' net gold acquisitions are poised to surpass the record set last year, which stood at 1,082 tons.
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