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Gold jumps above $1600 per ounce
(09:31, 03 Apr 2020)
COMEX Gold futures jumped above $1600 per ounce as the World Gold Council (WGC), reported that central banks' monthly net gold purchases increased in January and February, following December's five-month low. So far this year, only five countries have increased gold reserves by at least 1 t. This includes Turkey, which bought 41 t, Russia with 19 t, the United Arab Emirates with 5.9 t, Kazakhstan with 2.8 t and Mongolia with 1 t. However, WGC market intelligence manager Krishan Gopaul points out that central bank gold demand has eased significantly, with net gold purchases down 44% compared with the strength of demand experienced in January and February 2019.

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