Central banks’ record gold purchases drive strongest first quarter demand in 8 years

Central banks’ record gold purchases drive strongest first quarter demand in 8 years

Central banks’ unprecedented gold acquisitions propelled the strongest first quarter gold demand in 8 years, amidst rising global tensions and investment uncertainty. The surge in demand, fueled by emerging markets like China and India, underscores a shift in the gold market landscape and potential implications for global currencies.

Key Points:

  • Central bank gold purchases drive record first quarter demand.
  • India’s gold demand rises 8% despite historic price highs.
  • Thailand’s government pension fund turns to gold and oil to mitigate risk.
  • Analysts speculate on gold-backed currency implications for the U.S. dollar.
  • Chinese gold demand surges, with record imports and central bank acquisitions.

 

Sources:

www.marketwatch.com/story/why-global-gold-demand-marked-its-best-first-quarter-in-8-years-86c0f0df

www.theweek.in/news/biz-tech/2024/04/30/why-india-gold-demand-rose-8-per-cent-q4-despite-soaring-prices.html

www.moneymetals.com/news/2024/04/30/thai-government-pension-fund-buying-more-gold-to-mitigate-risk-003155

www.moneymetals.com/news/2024/04/29/could-the-shift-of-gold-west-to-east-set-the-stage-for-a-new-gold-backed-currency-003152



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