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Asia's central banks snap up gold in 'new normal' to reduce risk from U.S. dollar
By Biman Mukherji
South China Morning Post, Hong Kong
Monday, December 18, 2023
Gold's lustre has endured timelessly for Asian buyers, and its central banks too are now following suit to snap up the commodity amid de-dollarisation -- a move to reduce exposure risk to the U.S. dollar.
Fears about their assets being vulnerable, following the U.S. seizure of Russia's foreign exchange reserves of US$650 billion in February last year, have triggered a buying wave by central banks, said a Sprott Asset Management report this month.
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The report said it signalled a "strong desire to diversify away from the U.S. dollar and .U.S dollar assets."
That in turn has provided a floor to gold prices, powering prices to near-historic highs of above US$2,000 per troy ounce, fuelled by expectations of interest rate cuts by the U.S. Federal Reserve next year after a cycle of hikes over the past year and a half. ...
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