Business Standard

Central banks bought highest amount of gold in 50 years in signs of turmoil

They bought 651 tonnes in 2018, or 15% of total gold sold globally, primarily because they see no let up in turbulence a decade after the last global economic crisis

Gold hits five-year high, crosses Rs 33,000 mark on macroeconomic risks

Rajesh Bhayani Mumbai
In a sign that central banks across the globe could be seeing gold as the new dollar, their purchases of the metal amounted to a staggering 15 per cent of gold sold worldwide in 2018. According to Gold Demand Trend 2018, released by the World Gold Council on Thursday, January 31, net purchases by central banks (as a part of foreign currency reserves) reached 651.5 tonnes in 2018, up 74 per cent from previous year. Of this 168 tonnes were added in the December quarter, representing a 126 per cent surge year-on-year.  

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First Published: Jan 31 2019 | 3:46 PM IST

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