Gold Price Slips Amid Record Central Bank Buying

The gold price ended Friday at $4,098.60 per ounce, down 1.54% on the day but still up 1.06% for the week and 1.35% for the month.

A new report from the World Gold Council reveals that central banks purchased a record 289 tonnes of gold in the second quarter, a 62% year-over-year increase and the strongest Q2 figure ever recorded.

The Federal Reserve left its benchmark rate unchanged at 3.5 to 3.75%, but Fed Chair Kevin Warsh has maintained his restrictive stance, citing disinflation concerns.

Gold's share of global currency reserves now stands at 27% and central banks collectively hold over 36,000 tonnes.