Central Banks Continue Gold Purchases Despite High Prices

Even though gold prices reached a record high in October, many central banks around the world kept buying gold.

The World Gold Council reported that these banks bought 53 tonnes of gold in October, which is a lot, but less than in the past three years.

The National Bank of Poland was the biggest buyer, adding 16 tonnes to its reserves.

Other banks like Brazil, Uzbekistan, and Indonesia also bought gold.

Russia was the only one that sold some of its gold.

These banks are buying gold as a strategy to protect their money because the world economy is uncertain.

The National Bank of Poland plans to have 30% of its reserves in gold, and Serbia wants to double its gold reserves by 2030.