Central Bank Buying Boosts Precious Metal Prices to Record Highs
Today, precious metal prices soared to unprecedented levels due to strong central bank activity in Asia. According to a newly published report, the People's Bank of China alone added 160,000 ounces of gold to its reserves in March. In addition, countries such as Turkey, India, Kazakhstan and several other countries Eastern European countries also actively bought gold throughout the year, contributing to a sustainable upward trend in prices.
Despite expectations for a potential change in interest rates, elevated gold demand is predicted to continue until the end of the year due to underlying supply constraints caused by concerns surrounding a recession. ongoing economic and geopolitical tensions. Gold's resurgence is just beginning, with Western retail investors likely to enter the market in the near term, further pushing the precious metal to new record levels.
Despite expectations for a potential change in interest rates, elevated gold demand is predicted to continue until the end of the year due to underlying supply constraints caused by concerns surrounding a recession. ongoing economic and geopolitical tensions. Gold's resurgence is just beginning, with Western retail investors likely to enter the market in the near term, further pushing the precious metal to new record levels.
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