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Gold gains on safe buying
(09:38, 27 Mar 2020)
Gold jumped yesterday amid hopes of continued safe haven buying. Gold plays a prominent role in reserve asset management, being one of the few assets that is universally permitted by the investment guidelines of the world's central banks, the World Gold Council (WGC) stated today in an update. This is in part due to the gold market being deep and liquid - a key requirement of reserve asset managers. Globally, central banks and supranational organisations - such as the International Monetary Fund and the Bank of International Settlements - currently hold almost 34,000 tonnes of gold as reserve assets (17% of total above ground stocks). While safety and liquidity are paramount for reserve managers, returns are important too: gold has provided an average annual return of nearly 10% in US dollars since 1971. Gold jumped but heavy gains in US equities capped the upside and COMEX Gold futures are currently trading at $1640 per ounce, down 0.72% on the day.

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