World Gold Council Reports Hike in First Quarter 2019

  • Economics
World Gold Council Reports Hike in First Quarter 2019

The World Gold Council industry body announced a surge in demand for gold in the first three months of 2019 as central banks sought safer and more stable liquid assets.

The report showed an increase in global demand by 7% to 1,053.3 tonnes in the first quarter compared to a year earlier.

Central banks steered away from dollar given the current geopolitical and economic turmoil, thus directing their purchases to gold which hit 145.5 tonnes, up by 68 percent.

"Central banks are diversifying away from the dollar," WGC spokesman John Mulligan told AFP.

Source: Kataeb.org