According to Kitco, central banks may slow down the pace of gold purchases but not stop. Reported figures show that central banks around the world have continued to increase their reserves of the precious metal since the beginning of the year.
The Monetary Authority of Singapore (MAS) has been increasing its gold reserves since the beginning of this year and the trend continued in July. Latest data shows that MAS bought an additional 2 tonnes of gold in July. Since the beginning of the year, MAS has bought 73.6 tonnes of gold.
According to the World Gold Council, Singapore is the second largest buyer of gold this year, after China.
Singapore's gold holdings have increased 48% since the end of December last year, said Kristen Gopaul, a market analyst at the WGC.
Citing IMF data, Kristen Gopaul added that Libya bought 30 tons of gold in June. The country's gold holdings increased by more than 26% compared to the end of 2022. This is the highest level since the end of 1956.
Meanwhile, Qatar increased its gold reserves by 3 tonnes last month, bringing its total gold reserves to 97 tonnes.
Central bank demand for gold continues to provide solid support for the gold market, said George Milling Stanley, gold strategist at State Street Global Advisors, in a recent interview with Kitco News. New consumer demand will drive the market and gold prices higher.
Central bank gold demand totaled 387 tonnes in the first half of the year, the highest level of purchases since 2000, according to the World Gold Council.
On the world market, the spot gold price on Kitco on September 2 (Vietnam time) was trading at $1,939/ounce. The spot gold price last week increased by more than 1.25%.
Adrian Day, President of Adrian Day Asset Management, said the US economy is weakening. The USD and US government bond yields are also under downward pressure. This supports the psychology of gold prices. The gold market is changing in a positive direction.
According to Marc Chandler, CEO at Bannockburn Global Forex, based on last week's developments, he believes that gold prices will end next week around the $1,950-1,953/ounce mark.
Meanwhile, the domestic gold market increased sharply last week. At the end of the trading session on September 2, the price of 9999 gold bars at SJC Ho Chi Minh City was VND67.55 million/tael (buy) and VND68.25 million/tael (sell). SJC Hanoi listed at VND67.55 million/tael (buy) and VND67.27 million/tael (sell).
Doji Hanoi listed at 67.6 million VND/tael (buy) and 68.3 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 67.5 million VND/tael and sold at 68.2 million VND/tael.
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