Reported 4 months ago
The gold market is experiencing increased interest in gold-backed cryptocurrencies, with minting volume reaching a three-year high of over $80 million in the past month. This trend occurs alongside a decrease in central bank gold purchases, which fell to 244 tonnes. Demand for gold ETFs has surged, more than doubling to 552 tonnes, reflecting a shift in investment strategies as the average quarterly gold price soared to a record $2,860 per ounce. Despite a downturn in traditional gold demand, bar and coin purchases remain strong, particularly in China.
Source: YAHOO