Central Bank Gold Binge Is Even Bigger Than Previously Thought
- World Gold Council raises its estimate for purchases
- Expansion of bullion reserves has underpinned prices this year
Gold bars
Photographer: Akos Stiller/BloombergThis article is for subscribers only.
Central banks have loaded up on more gold than previously thought this year, offering crucial support to prices that have faced pressure from global monetary tightening.
Countries expanded bullion reserves by 337 tons in the three months through September, the World Gold Council said in a report Tuesday. That follows an increase of 175 tons in the second quarter, which was bigger than the council’s previous estimate of 103 tons.