Gold has overtaken the Euro (EUR) as the second-largest asset in the reserves of the world’s central banks, driven by record purchases and rising prices, according to the European Central Bank (ECB).
The ECB noted that gold was increasingly attractive to emerging and developing countries that were concerned about sanctions and the potential erosion of the role of major currencies in the international monetary system.
Market reaction
At the time of press, the Gold price (XAU/USD) was up 0.16% on the day at $3,365.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent…
