According to foreign analysts, the behavior of the precious metal over the next few weeks will play a key role in determining where the course will end up at the end of the year. Everything will depend on US employment and inflation data, as gold usually rises in price amid escalating geopolitical instability and market volatility.
In China, the demand for precious metal has increased over the past two months, despite the introduction of quarantine restrictions in some cities. The indicators of the withdrawal of precious metal from the Shanghai Gold Exchange in August and the volume of imports for July increased.
The gold market suffered due to the aggressive monetary policy of the Fed, which led to higher bond yields and the American currency index. However, the French bank Société Générale believes that it is better not to sell gold from its portfolio against the background of current conditions, given the high level of instability.
The global gold reserve for July grew by 37 tonnes, up from 64 tonnes in June, according to the World Gold Council. Consequently, since the beginning of the year, the cumulative indicator has exceeded 300 tons.
The country's gold reserve fell to a 23-year low in July this year, according to Malta's central bank. As a result, Malta has little to no yellow metal left to protect its financial stability in the event of a crisis.
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The club discount is given for a one-time or gradual purchase of 10 ounces of gold.
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