After the country's central bank increased its gold reserves for the first time in 38 months in November 2022, according to data released by the State Administration of Foreign Exchange on January 7, 2023, the central bank's gold reserves continued to decline in December 2022. It's possible. For the second year in a row, gold reserves have increased. According to data released by the World Gold Association, as well as Korea's central bank, many central banks are also planning to start increasing their gold holdings from November 2022.
What are the signs of increasing gold reserves by central banks of many countries? Where will international gold prices go? Is Gold Worth Investing in 2023? On the 15th, a correspondent of the Securities Daily interviewed 5 experts in the field on the above issues.
Many central banks are increasing their gold reserves.
According to data released by the State Administration of Foreign Exchange, as of September 2019, Korea's official gold reserves stood at 62.64 million ounces. However, in November and December 2022, our country's official gold reserves will increase by 1.03 million ounces and 970,000 ounces respectively. As of the end of December 2022, the country's official gold reserves stood at 64.64 million ounces.
COFCO Qi Defeng (Beijing) Deputy Director of the Department of Commerce and Derivatives Zhang Yingying told reporters that the country's central bank has recently increased its gold reserves again. debt. in comfort.
“In general, central bank gold holdings growth is a concrete expression of a multi-holding strategy, and it is also a strategic balance of international holdings. Yide Futures precious metals analyst Zhang Chen said in an interview with reporters.
According to the latest data released by the World Gold Council, not only the central bank of our country, but also the central banks of many countries have shown great demand for gold. Data shows that in November last year, the World Central Bank bought 50 tonnes of gold, a 47% increase over the month. The three central banks bought a total of 55 tons of gold and the two central banks sold a total of 5 tons. Among them, Korea's central bank was the one that added the most gold reserves last November. After Turkey's central bank resumed gold purchases last November, pure gold purchases reached 123 tonnes in 2022 alone, the largest gold purchase reported by any country. The Central Bank of Kyrgyzstan also made its first gold purchase in November last year, increasing total gold reserves by 61% compared to the beginning of 2022.
Wang Yijing, a precious metals researcher at Galaxy Futures, recently discussed steps many central banks are taking to increase their gold holdings. Historically, central banks in many countries have often increased their gold holdings when future economic prospects are poor. Be prepared for future economic low risk.
"The Fed's rate cut is expected to further correct the US dollar going forward. Central bank holdings of US dollar assets are facing further declines, so they are holding more gold to protect them from devaluation." Siyuan Liu. , said the chief executive of Lingxiu Finance.
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