XAUUSD 1H SELL PROJECTION 01.10.24
Reason for sell
Central banks hold paper currencies and gold in reserve. As central banks diversify their monetary reserves (away from the paper currencies they accumulate and into gold) the price of gold typically rises. Many of the world’s nations have reserves that are composed primarily of gold.
Bloomberg reported that global central banks have been buying the most gold since the United States abandoned the gold standard in 1971, with 2019 figures dipping just modestly from 2018’s 50-year record.
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After a downtick in central bank gold purchases in 2020, the pace picked up again in 2021 and surpassed the 50-year record again in 2022. 2023 also saw a significant growth in central bank gold reserves.
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The top gold buyer in 2022 was the central bank of Türkiye, followed by Uzbekistan, India, and Qatar. The top gold buyers in 2023 were China, Singapore, and the Czech Republic.
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Silver Bullion. "Top 5 Countries That Were Net Buyers of Gold in 2023."
Central banks hold paper currencies and gold in reserve. As central banks diversify their monetary reserves (away from the paper currencies they accumulate and into gold) the price of gold typically rises. Many of the world’s nations have reserves that are composed primarily of gold.
Bloomberg reported that global central banks have been buying the most gold since the United States abandoned the gold standard in 1971, with 2019 figures dipping just modestly from 2018’s 50-year record.
4
After a downtick in central bank gold purchases in 2020, the pace picked up again in 2021 and surpassed the 50-year record again in 2022. 2023 also saw a significant growth in central bank gold reserves.
5
6
7
The top gold buyer in 2022 was the central bank of Türkiye, followed by Uzbekistan, India, and Qatar. The top gold buyers in 2023 were China, Singapore, and the Czech Republic.
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Silver Bullion. "Top 5 Countries That Were Net Buyers of Gold in 2023."
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