Gold has had a stellar year so far. From April 2023 to February 2024, gold prices hovered around US$2,000 per troy ounce. By mid-May, prices surged to over US$2,420 per troy ounce before stabilizing at approximately US$2,350 in early June. Although gold prices have slightly receded from their peak, they remain 10% higher than at the start of the year, currently trading at about US$2,330 per troy ounce. One significant driver of this rally has been substantial central bank purchases by emerging countries, particularly China. The People’s Bank of China aggressively bought gold for 18 consecutive months, stopping only in May when gold reached its record high.
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Credit: Liberty and Finance
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