Banking giant UBS says demand for gold from central banks around the world is likely to surge this year as countries back away from the US dollar.
In a new report, UBS says it expects central banks to accumulate 700 metric tons of gold worth $48.74 billion this year.
According to the financial titan, central banks are likely to continue stockpiling gold in the coming months due to persistent inflation and geopolitical concerns.
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“Last year marked the 13th consecutive year of net gold purchases by global central banks and the highest level of annual demand on record dating back to 1950.
At 1,078 metric tons in 2022, central banks’ buying of gold more than doubled from 450 metric tons in 2021. Based on the
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