As the US dollar strengthens, driven by ongoing Federal Reserve interest rate hikes, China and other emerging economies are increasingly turning to gold as a hedge against economic instability and the rising cost of imports. In April, China's central bank added 60,000 troy ounces to its reserves, continuing an 18-month trend of significant gold acquisitions. This surge in gold buying reflects both a response to economic uncertainties and an effort to mitigate the impact of the dollar's strength, which has surged 10% since early 2022, complicating trade dynamics for countries like China.
Posted: 2024-05-08 10:09:02.000000