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Central Banks to Increase Gold Buying for First Time Since 2013

Emerging market countries seeking gold to diversify reserves
Russia, Poland and Hungary among those making purchases

A worker stacks 12.5 kilogram gold bullion bars at the Valcambi SA precious metal refinery in Balerna, Switzerland, on Tuesday, April 24, 2018. Gold's haven qualities have come back in focus this year as President Donald Trump’s administration picks a series of trade fights with friends and foes, and investors fret about equity market wobbles that started on Wall Street and echoed around the world.Photographer: Stefan Wermuth/Bloomberg

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By Rupert Rowling

October 24, 2018 at 12:23 PM UTC

This article is for subscribers only.

Central banks are set to increase their purchases of gold in 2018 for the first time in five years as eastern European and Asian countries seek to diversify their reserves.

Net purchases of gold by central banks are forecast to rise to 450 metric tons this year, up from 375 tons in 2017, according to consultancy Metals Focus Ltd. That will be the first increase since 2013, when banks boosted their holdings by 646 tons, the most for several decades.