World central banks acquired a record 374.1 tons of gold in the first half of 2019, the World Gold Council (WGC) reported on Thursday.
Global gold demand rose 8% to 1,123 tons in the second quarter, and in the first half of the year, it reached 2,181.7 tons, the highest in three years, according to the WGC. This was largely due to central banks, which accounted for one-sixth of the demand. They spent a record $15.7 billion in the purchase of gold in the first half, notes the Financial Times.
Among the leaders in procurement were the Central Bank of Russia, the Central Bank of China and other developing countries. This continues last year’s trend.
Russia, which has pursued de-dollarization, acquired a record 274.3 tons of gold in 2018. The aggregate demand of central banks last year was the highest since 1971, when the Bretton Woods system began to collapse, in which the dollar was actually provided with gold.
