Central banks purchased 39 tonnes of gold in August, bringing the total since January to 170 tonnes, despite a decline of over 25% from January’s record high of around $5,600 per ounce, now fallen below $4,100. China leads these purchases with 20 tonnes, extending a streak of 22 consecutive months of acquisitions that have raised its reserves to approximately 2,387 tonnes, representing 9% of its total reserves. Uzbekistan and Poland follow with 8 tonnes each, Kazakhstan with 7 tonnes, and Turkey with 3 tonnes after three months of sales. Conversely, Russia sold 6 tonnes in August, totaling 56 tonnes since the beginning of the year, while Poland is now only 52 tonnes away from its official target of 700 tonnes. US interest rates at 5.35%, their highest since 2002, explain the price decline by drawing investors away from non-yielding assets like gold.
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