El Salvador buys gold for first time since 1990 to diversify reserves (away from Bitcoin) ...Middle East

The central bank confirmed buying 13,999 ounces, lifting total holdings to 58,105 ounces valued at about $207 million.

The move comes as gold trades near record highs around $3,600 an ounce, up more than 36% this year on strong central bank demand. Analysts view the step as a way to stabilize El Salvador’s balance sheet and reassure international partners, given Bitcoin’s volatility.

The nation’s reserves rose to $4.7 billion in July 2025 from $3 billion a year earlier, with about $700 million still held in Bitcoin. Globally, central banks have been accumulating gold at a record pace, making bullion the second-largest reserve asset after the US dollar. Goldman Sachs recently projected gold could reach $5,000 if the trend continues.

This article was written by Eamonn Sheridan at investinglive.com.

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