Central banks are still hungry for gold

A summary of the most important gold news and analysis of the last week.

Gold price

Gold price: $4,560.34 $XAUUSD ( 0.0% ) [View live gold price.]

Change from last week: -$165.95 (-3.51%)

Gold news

This week’s summary of gold news and analysis.

• Central banks are still hungry for gold [Kitco]

• Despite recent weakness, gold bull market narrative on track - Richard Mills [Ahead of the Herd]

• Global gold ETFs see fresh inflows despite rising inflation risks [Kitco]

• Why gold isn't acting like a safe haven right now [Seeking Alpha]

🔮 Gold price forecasts

• Gold will navigate near-term headwinds to reach $5,000/oz by year-end – ING’s Manthey [Kitco]

• Gold could hit $17,250 as dollar loses reserve status: Pierre Lassonde [Invezz]

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🌐 World gold news

Gold news from a global perspective.

🇨🇳 China

• China gold market update: A notable rise in gold reserves [World Gold Council]

• Hong Kong gold push delivers record US$732 million ETF inflows in April [South China Morning Post]

"As investors hedge against global risks, Hong Kong’s gold ETF inflows reinforce its emergence as a key trading centre."

• China gold production slips in first quarter, consumption rises [Reuters]

• Gold: Chinese reserve buying underpins prices – ING [FXStreet]

🇮🇳 India

• India calls on citizens to stop buying gold as Asia scrambles for energy amid Iran war [ABC]

• From buying less gold to cashing in old reserves: How bullion industry plans to cut India’s import bill [The Times of India]

• India’s gold obsession, dollar drain, and Nikhil Kamath’s stablecoin idea [SME Futures]

"As India battles rising gold imports, dollar outflows amid global tensions, the focus is shifting from gold consumption to gold monetisation."

🇮🇩 Indonesia

• Indonesia gold demand surges 47 percent in Q1 amid safe-haven buying [Antara News]

🇮🇶 Iraq

• Iraq keeps gold reserves at 174.6 tons [Shafaq News]

🇽🇰 Kosovo

• Kosovo’s central bank is buying gold for the first time in its history [Kitco]

🇸🇬 Singapore

🇹🇭 Thailand

• Thailand’s digital gold mega investors hit by central bank’s rush to control the baht (archive) [Bloomberg]

🇦🇪 United Arab Emirates

• Dubai gold market grows 15% despite brief setback due to Iran war [NDTV]

• Explainer: Why India's gold duty hike could boost UAE jewellery sales [Khaleej Times]

• UAE targets dirty gold in clampdown on money laundering and terror financing [The National]

🇿🇼 Zimbabwe

• Zimbabwe gold reserves hit 4.4 tonnes: Mnangagwa [APAnews]

Gold-backed cryptocurrency

• Buy and sell gold with cryptocurrencies with low fees, secured and insured in professional vaults. (sponsor)

• Jack Ma-backed insurer Yunfeng Financial launches gold token [Benzinga]

• Crypto News: Zerodha’s Nikhil Kamath backs gold-backed stablecoin over dollar crypto for India [CoinPedia]

• Could XRP be pegged to gold as part of a new global reserve currency system? [CoinPedia]

Read more about gold-backed cryptocurrencies.

Gold Weekly features curated articles from various sources and is not financial advice.

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