Gold is on the rise in 2023 and in the first week of the new year alone, the precious metal has jumped 2.36% against the U.S. dollar. Economics Inflation
and “ongoing geopolitical tensions” as reasons for optimism. Gold Mining Bull is paying particularly close attention to central bank gold purchases this year.
“Central banks around the world, particularly in China, Turkey, and India, have been buying gold at a record pace,” the author explains. “This trend has been going on for the past 13 consecutive years, but recently the pace has accelerated.” The analyst adds: They have been increasing their gold reserves in recent years as a way to diversify their foreign exchange holdings and reduce reliance on the U.S. dollar.
Furthermore, the author also believes there are six more things that could boost gold’s price, including a rebound in jewelry demand, the Federal Reserve’s eventual pivot, the escalation of the, a weaker U.S. dollar, a limited new mine supply, and the possibility of China invading Taiwan. Central bank gold purchases have been a particularly influential factor in terms of gold interest over the past year. According to analystsMKS Pamp Group’s Head of Metals Strategy Comments on Gold’s Positive Market Trend
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