Why Russian and Chinese central banks will keep buying gold... no matter the price.
Emerging markets have beefed up gold holdings, undeterred by prices near their highest levels in more than six years, as countries such as Russia and China diversify their foreign-exchange reserves—a trend that is likely to continue.
Given the latest prices, with the most-active gold futures contract GCZ19, -0.78% settling at $1,499.50 an ounce on Friday, and about 32,151 troy ounces in one metric ton, the value of Russia’s gold reserves is at roughly $107 billion. Central banks had a record first half of the year, collectively buying 374 metric tons of gold through June, says Juan Carlos Artigas, director of investment research at the WGC. That was the highest first half of the year since central banks became net buyers in 2010. Net purchases from central banks year to date are still below those of 2018, but with the significant level of central bank purchases this year, “we will likely be above the 10-year average,” says Artigas.
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