Hungary Tripled Gold Reserves as Central Banks Turn Buyers Again
- Purchase is biggest by a sovereign lender since Poland in 2019
- Central banks were net buyers of gold in February, WGC says
Photographer: Carla Gottgens/Bloomberg
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Hungary tripled its gold reserves in one of the biggest purchases by a central bank in decades -- the latest sign of governments turning to the precious metal as a safeguard of value.
The monetary authority raised its bullion holdings to 94.5 tons last month, it said in an emailed statement. At the same time, the latest data from the World Gold Council showed global central banks were net buyers of gold in February, led by India, which bought 11.2 tons.