Gold prices are likely to be supported by central bank purchases, Julius Baer's Carsten Menke says in a research note.
Central banks have doubled their average annual purchases to 1,000 tons from 500 tons since the start of the Ukraine war, Menke says. He adds that the main motivations are gold's status as a crisis asset, a portfolio diversifier and a store of value.
"While de-dollarization is not a motivation, most central banks still believe that the share of U.S. dollars in their reserves is set to shrink," he says.
Spot gold is down 0.15% at $3,384.54/oz.
Source : Dow Jones Newswires
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