Source: Financial Times [UK]
“Gold surged to an all-time high on Monday, fuelled by geopolitical tensions and central bank interest rate cuts. Bullion’s price climbed 0.4 per cent to $2,732.45 a troy ounce in early trading in London on Monday, representing a 40 per cent gain in the past year. … Although physical gold demand has been dented by high prices in the top market China, buying from central banks has been very strong as they diversify their reserves away from the dollar. During the first half of this year, central bank buying hit a record high of 483 tonnes, according to the World Gold Council, the industry body.” (10/21/24)