World Gold Council: Central banks around the world will buy more gold in the next 12 months

According to data from the World Gold Council, despite the People's Bank of China pausing gold purchases last month, central banks around the world continue to see increasing demand for gold. The council's latest survey shows that 29% of surveyed central banks expect to increase their gold reserves in the next 12 months. Over four-fifths of respondents expect reserve managers to increase global gold holdings, marking the highest confidence level in the history of the survey. The main motivation for central banks to buy gold is to rebalance and achieve a more ideal strategic level of gold holdings, domestic gold production, and concerns in financial markets