Central banks are boosting stockpiles of gold in their reserves amid a backlash against the dollar
In the first quarter, 228.4 tons of gold were added to global reserves, thereported on Friday. While that marks a 40% decline from the fourth quarter, it's a 176% increase from a year ago.
"This is all the more impressive considering it follows the record-breaking pace of demand last year," the report said. Meanwhile, updates from Russia's central bank showed a decline of 6 tons during the quarter — possibly due to coin minting— though the total is 28 tons higher from last year, it added. Separate indications recently have pointed toThe US dollar traditionally has been a mainstay of central bank reserves. But the recent surge in demand for gold has been seen asafter the greenback became weaponized to put financial pressure on Russia for its war on Ukraine.
Meanwhile, the price of gold has been closing in on a fresh record high, though it pulled back closer to $2,000 on Friday. Gold is up 11% so far this year and up 25% from a November low.
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