Gold is a good diversification strategy for central banks – Nagel

Heightened geopolitical risks are strengthening the case for central banks to diversify into gold, the president of the Deutsche Bundesbank has said.

In a speech at the Global Precious Metals Conference in Sorrento on October 5, Joachim Nagel said gold had often functioned as a haven asset during periods of economic stress. He added that geopolitics had been a growing concern for reserve managers since the late 2010s, and the increased use of financial sanctions in recent years appeared to be an