Global Gold Net Purchases Breach 480 Tonnes: Why Is AUX Surging?
The price of gold is surging rapidly. The precious yellow metal is currently a favorite among global banks, which have been hoarding it at a record pace. But why are banks stocking up on gold like there’s no tomorrow? Let’s find out. Also Read: US Dollar Plummets As Global Market Shifts, Yuan & Gold Soars Global Gold Purchases Hit A New Record According to a post uploaded by the Kobeissi Letter, central banks’ global net purchases of gold have breached the 480-tonne mark. The portal further pointed out stellar AUX statistics, indicative of global central banks purchasing nearly 480 metric tons of gold in the first half of 2024. “BREAKING: Global net gold purchases by central banks reached 483 metric tons in the first half of 2024, the most on record.” Furthermore, the portal shared how the global bank gold purchase has spiked 5% as compared to the AUX purchases made in 2023. “This is 5% higher than the previous record of 460 tons set in the first half of 2023. In Q2 2024, central b