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Updated 23:24 21/10/20

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Gold price: Central banks continue to accumulate

Adam Pike, News Editor
4 Nov 2016, 12:08 p.m.

The gold price is trading above $1,300 per ounce after an independent poll suggested Donald Trump is leading the presidential race.

Year-to-date the gold price denominated in U.S dollars has risen over 20%, driven primarily by increased investor demand for exchange traded funds and robust central bank buying.

In total central banks added a further 12 tonnes of gold in September, with Russia leading the way by adding a further 16.55 tonnes to their reserves. Russia’s closest neighbours, China and Kazakhstan, also took the opportunity to increase their official reserves. On the other end of the spectrum Turkey’s central bank officially sold 13.45 tonnes in September.

Russia is quickly becoming a significant player in the global gold market. VTB Capital, the investment house of Russia’s second largest bank is planning to double its gold trading within the next 3 years. VTB Capital provides much needed capital to the country's gold miners and accepts gold bullion in return.

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