LBMA 2024: Three central banks say they see global official gold holdings going higher
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Central banks' demand for gold is expected to rise despite recent slowdowns; Enkhjin Atarbaatar (Central Bank of Mongolia), Marek Sestak (Czech National Bank), and Joaquín Tapia (Banco de México) participated in a panel at LBMA 2024; Czech National Bank has purchased 32.8 tonnes of gold since March, holding 44.8 tonnes total (2.4% of reserves); Czech plans to increase holdings to 100 tonnes; Bank of Mongolia holds 4.9 tonnes (8.7% of reserves) and has sold 3.5 tonnes this year; Banco de México holds 120.4 tonnes (4.2% of reserves) and values gold for diversification; geopolitical uncertainty and falling interest rates may boost gold prices; central banks see gold as a potential alternative to the U.S. dollar; challenges include gold market liquidity; Mongolia's reserves are primarily in U.S. dollars, complicating trade.
#Gold #CentralBanks #Lbma #CzechNationalBank #BancoDeMéxico #CentralBankOfMongolia #GeopoliticalUncertainty #ForeignReserves #PreciousMetals #MarketAnalysis
https://www.kitco.com/news/article/2024-10-14/lbma-2024-three-central-banks-say-they-see-global-official-gold-holdings
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