More Central Banks Than Ever Say They Will Buy Gold This Year

More central banks than ever anticipate increasing their gold reserves in 2024, indicating that a primary driver of gold's record price surge is persisting even after a recent market correction. A survey conducted by the World Gold Council revealed that 29% of central banks plan to boost their gold holdings this year, a significant rise from 24% in 2023 and 19% in 2022. This trend underscores a growing strategic interest in gold among monetary authorities globally. The survey, which polled 70 central bank representatives, also found that 62% of respondents reported an increase in their gold reserves over the past year. This sustained demand from official sector buyers is a crucial factor supporting the gold market, which reached an all-time high of $2,431.50 per ounce on May 20, 2024, according to Bloomberg data. Despite a subsequent dip, the underlying sentiment among central banks remains strongly in favor of accumulating more gold, suggesting continued support for the precious metal's price.