Gold Prices Near Three-Month High Amid Central Bank Buying Spree

The gold market is experiencing a two-speed phenomenon, with central banks buying at an unprecedented rate while private consumers retreat from the market.

According to the World Gold Council's latest data, central banks added a net 288.9 tonnes of gold in the second quarter, a 62 percent jump from the same period last year and the strongest on record.

The largest single buyer was Poland, which acquired 51 tonnes, while China purchased 33 tonnes, its biggest quarterly haul since late 2023.