Central banks’ unprecedented gold acquisitions propelled the strongest first quarter gold demand in 8 years, amidst rising global tensions and investment uncertainty. The surge in demand, fueled by emerging markets like China and India, underscores a shift in the gold market landscape and potential implications for global currencies.
Key Points:
- Central bank gold purchases drive record first quarter demand.
- India’s gold demand rises 8% despite historic price highs.
- Thailand’s government pension fund turns to gold and oil to mitigate risk.
- Analysts speculate on gold-backed currency implications for the U.S. dollar.
- Chinese gold demand surges, with record imports and central bank acquisitions.
Sources:
Central Banks Bought More Gold in the First Quarter of 2024 than During Any Other Start of the Year on Record
(WGC) pic.twitter.com/52Q83oRaUW
— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) April 30, 2024
Why global gold demand marked its best first quarter in 8 years
There’s upside potential in the gold ETF space, despite first-quarter outflows, says the World Gold Councilhttps://t.co/gGC4n9M3CK
— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) April 30, 2024
China launches record gold buying spree amid fears of global conflict
“The sanctions placed upon the Central Bank of Russia following the Russian invasion of Ukraine back in 2022 made politicians and reserve managers realise that they are more at risk than perhaps they thought…
— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) April 30, 2024
India's gold demand rises 8 pc in Jan-March despite soaring priceshttps://t.co/bAAKuFO1MQ
— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) April 30, 2024
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