Central banks remain keen buyers of gold, representatives tell bullion conference
Central banks remain keen buyers of gold to diversify their reserves for financial or strategic reasons, representatives of three central banks told the London Bullion Market Association's annual conference in Miami on Monday.
Elevated demand for gold from central banks underpinned the price of the non-yielding gold when the global interest rates were high in 2022-2023 and then slowed down with this year's 28% spot gold price rally. China's central bank held back on buying gold for a fifth straight month in September.
Despite the gold rally, representatives of central banks of the Czech Republic, Mongolia and Mexico told the conference that having gold in reserves still matters to them, even though each one of them has their own reasoning.
The importance of gold as a secure asset is increasing for Mongolian reserves, Enkhjin Atarbaatar, head of the financial markets department at the Central Bank of Mongolia, told the conference.
For the Czech National Bank (CNB), gold is viewed as a pure diversifier of reserves, Marek Sestak, deputy executive director of the risk management department at the CNB, said.
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