Iraq Economic News and Points to Ponder Thursday AM 4-3-25
World Gold Council: 29% Of Central Banks Plan To Purchase Gold By 2025
Economy gold buying countries 2025-04-01 00:20 Shafaq News/ The World Gold Council confirmed on Tuesday that 29% of countries' central banks intend to purchase the precious metal in 2025. The council said in a report seen by Shafaq News Agency that
"29% of countries' central banks intend to purchase gold during the current year," noting that
"the purchases are due to the desire to restore balance to a more strategic level in these reserves,
financial market concerns, as well as the increased risks of crises and rising inflation."
He added that
"gold continues to attract the attention of central banks as a reserve asset," noting that
"increasingly complex geopolitical and financial factors make managing gold reserves more important than ever." He pointed out that
"central banks added
1,037 tons of gold in 2023, the second-highest annual purchases in history, after setting a record of
1,082 tons in 2022."
Iraq has gold reserves of 162.7 tons,
ranking 28th among countries with the highest reserves of the precious metal.
https://shafaq.com/ar/اقتصـاد/المجلس-العالمي-29-من-البنوك-المركزية-للدول-تعتزم-شرا-الذهب-العام-2025
Gold Prices Rise Ahead Of US-China Tariffs
Wednesday, April 2, 2025 | Economic Number of reads: 189 Baghdad / NINA / Gold prices extended their gains on Wednesday, after hitting a record high in the previous session, as investors sought a safe haven in the yellow metal in anticipation of the potential impact of mutual tariffs between the United States and China.
The price of spot gold rose 0.7% to $3,131.25 per ounce, as of 02:40 GMT.
The price of gold reached an all-time high of $3,148.88 on Tuesday.
US gold futures rose 0.4% to $3,159.90.
Philip Newman, managing director of Metals Focus, said: "The main reason behind these consecutive record highs is safe haven buying, and the geopolitical uncertainty that supports this shows no signs of abating."
Some of the uncertainty that has rocked markets this year is expected to dissipate after President Trump unveils his tariff plan on Wednesday.
Newman said that a slowing US economy, a potential rise in inflation, and lower interest rates could pave the way for gold to reach $3,300 in the coming months.
Markets are in suspense ahead of US tariffs scheduled to be imposed later today, which President Donald Trump has dubbed "Liberation Day."
Trump's tariff policies could exacerbate inflation, slow economic growth, and escalate trade disputes.
Gold is considered a hedge against global instability and inflation and thrives in a low interest rate environment.
Spot silver rose 0.2% to $33.82 an ounce, platinum gained 0.8% to $987.66, and palladium advanced 0.7% to $990.45. /End https://ninanews.com/Website/News/Details?key=1195305
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