Central Bank Buying Spree Lifts Gold Prices ...Middle East

OILPRICE - Economy
Central Bank Buying Spree Lifts Gold Prices
source : OILPRICE ( Middle East ) () 15
Despite continued rate rises from the US Federal Reserve, gold prices are recovering as other central banks around the world buy up the precious metal and investors foresee softer rate hikes. Prices have been propped up by robust purchasing from central banks across fast-growing economies including China, India and Turkey, which are looking to pivot from the US dollar. The precious metal slumped to a three-week low last week, dropping from $1,956 per ounce to $1,861 per ounce last week, amid sustained rate hikes from the Fed. The US central bank…

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