Unmatched Gold Buying Frenzy Among Central Banks Amid Global Economic Uncertainty
Central banks around the world are also losing confidence in the US economy. As a result, they are reducing their investments in US government debt securities and increasing their gold reserves in large quantities in their forex reserves. According to a recent report released by the European Central Bank, central banks of various countries, including the Reserve Bank of India (RBI) and the People's Bank of China, currently hold 36,000 metric tons of gold, worth $4.5 trillion (about Rs. 397.35 lakh crore).
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