Thursday, February 29, 2024

Gold Price Today Gold Buying By Central Banks Of 70 Billion Dollars Gold…

Gold Buying By Central Banks: Do you know who is most responsible for the rise in gold prices? So let us tell you that the central banks around the world are buying gold the most and the result is that due to the increase in the demand for gold, the price is skyrocketing. According to the World Gold Council, since 1967, the maximum purchase of gold by Central Banks has been done in the year 2022.

Central banks bought record gold

In 2022 the world has seen a lot on the economic and political front globally. Since Russia’s attack on Ukraine, inflation in America and Europe has reached the highest level of 40 percent. After which the central banks of these countries had to make the loans expensive. So Russia’s attack on Ukraine increased the tension all over the world. Inflation increased due to increase in the prices of commodities due to the war, the currency of all the countries of the world collapsed against the dollar. But in this year the Central Banks have bought 1136 tonnes of gold whose value is more than $70 billion. After 1967, in 2022, Central Banks have made the maximum purchase of gold.

Gold is the support of times of crisis

Prior to the Global Financial Crisis in 2008, during the 90s, central banks around the world were engaged in selling gold. But after this crisis, he started buying gold again. European banks had stopped selling gold since 2008-09. But since then India, Russia have bought gold heavily. Central banks believe that even in times of crisis, the value of gold remains, so they are insisting on buying gold. Whereas volatility in currency and bonds remains high. At the same time, gold gives a big opportunity to central banks to buy assets other than dollars.

RBI bought maximum gold!

From April 2020 to September 2022, RBI has been the central bank buying the most gold. RBI was ranked first in the world in 2020, third in 2021. RBI has bought 41.68 tonnes of gold in 2020, 77.5 tonnes in 2021 and 31.25 tonnes by September 2022. That is, during this period, RBI has purchased 132.34 tonnes of gold. By March 2022, the RBI had a reserve of 760 tonnes of gold, which has increased to 785.35 tonnes by September 2022.

Central banks will continue to buy

Experts believe that the purchase of gold by the Central Banks is going to continue. Due to which the shine of gold will remain intact. Gold is currently trading above Rs 57000 per 10 grams. But gold has also touched the price of Rs 58,800. Many experts are predicting the price of gold to go up to Rs 62,000 this year.

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