Central bank gold purchases back in positive territory

War and inflation appear to be supporting demand for the reserve asset


Central banks’ purchases of gold flipped back to net positive in April, data from the World Gold Council shows. Global central bank gold reserves increased by 19.5 tonnes in April, following net sales of 9.4 tonnes in March. 

The trend was largely driven by central Asian nations. Uzbekistan was the largest purchaser, buying 8.7 tonnes. Turkey and Kazakhstan purchased 5.6 tonnes and 5.3 tonnes, respectively. 

Kazakhstan appears to have reversed its strategy, after selling 34.4 tonnes in the

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