Commodities
Korea Joins Central Banks Buying Gold Amid Volatility
The Bank of Korea has joined the ranks of central banks buying gold, purchasing units of the SPDR Gold Shares fund worth around $250 million in the second quarter. This is the Bank's first investment directly linked to gold since 2013.
Poland continues to be a major buyer of physical gold, with the National Bank adding 51 tons of the precious metal in the second quarter. The NBP's holdings now stand at 632.4 tons, making Poland the 10th largest holder of official gold reserves globally.
The price of gold rose to $4,452 per ounce on Wednesday before pulling back to around $4,333 per ounce. Volatility in the market remains elevated due to concerns over energy prices and geopolitical tensions.