Thailand seeks to shield reserves from market turbulence
NEW YORK – Central banks have loaded up on more gold than previously thought this year, offering crucial support to prices that have faced pressure from global monetary tightening.
Countries expanded bullion reserves by 337 tonnes in the three months through September, the World Gold Council said in a report on Tuesday.
That follows an increase of 175 tonnes in the second quarter, which was bigger than the council’s previous estimate of 103 tonnes.
Central bank purchases for the first nine months of the year now total 800 tonnes, driven mainly by China, Poland and Singapore, as well as unreported buying. The…
