Last night, world gold prices fell sharply due to profit-taking activities by investors taking place right before a busy week with US economic reports.
US stock indexes fell sharply at midday. The US economic data of note this week is the US Labor Department's monthly jobs report on Friday morning.
Despite the fall in gold prices, strong buying momentum from central banks is supporting gold prices in the medium and long term.
In the latest report from the World Gold Council (WGC), WGC senior analyst Krishan Gopaul noted that central banks have continued to accumulate gold in recent months.
While rising gold prices may impact central bank demand this year, the long-term trend of government net purchases remains intact, Gopaul said. “Although overall demand has reportedly cooled as gold prices have risen to record highs, it remains positive,” he said.
Central bank gold purchases doubled in July, the expert said. Global central banks added a net 37 tonnes to their official reserves, a 206% increase.
“In total, seven central banks added gold (one tonne or more) to their reserves in July, while only one central bank reduced its gold holdings,” writes Krishan Gopaul.
The National Bank of Poland (NBP) was the biggest buyer in July, adding 14 tonnes, the largest increase since November 2023. "This purchase brought their gold holdings to 392 tonnes. Poland has been buying gold heavily since April, accumulating 33 tonnes in the past four months," Gopaul said.
The Central Bank of Uzbekistan was second in the month, buying 10 tonnes of gold to bring its total holdings to 375 tonnes. "The July gold purchases turned the Central Bank of Uzbekistan from a net seller to a net buyer on a yearly basis," he noted.
The Reserve Bank of India increased its gold reserves by 5 tonnes in July, taking net purchases to 43 tonnes by 2024 and taking total reserves to 846 tonnes.
The Central Bank of Jordan (CBJ) bought a net 4 tonnes of gold in July, similar to the Central Bank of Türkiye, which has now marked 14 consecutive months of net purchases.
The Central Bank of Qatar and the Czech National Bank both increased their gold reserves by 2 tonnes. “The Czech National Bank has now increased its gold reserves for 17 consecutive months, with a total net purchase of more than 31 tonnes during the period,” he noted.
“Based on data available at the time of publication, the Central Bank of Kazakhstan was the only net seller in July. The bank’s gold reserves fell by 4 tonnes, reducing its holdings to 295 tonnes of total reserves,” Gopaul said.
Source: https://laodong.vn/tien-te-dau-tu/nhu-cau-tang-cao-gia-vang-nhan-ho-tro-manh-1388942.ldo
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