The combination of bearish and bullish factors for gold may end up having the effect of keeping the price in a relatively narrow range for the rest of the year
The surge in gold demand was primarily supported by a significant 53 per cent increase in over-the-counter transactions, which reached 329 tonnes
Over the next six to 12 months, Citi expects gold to rise $2,700-$3,000 per ounce and silver to climb $38 per ounce
Demand for gold from central banks has been elevated in the last two years as some countries diversify their foreign currency reserves
The partnership coincides with the official opening of WGC’s new office in Dubai, establishing its regional headquarters for the Middle East
The signatories, including DMCC, have agreed on ten sustainability objectives, such as responsible sourcing standards, advancement of UN SDGs, and action on climate change
According to the World Gold Council, an analysis of gold futures positioning also suggests that gold could rebound in the near term
According to the World Gold Council, while the markets have seen prices ease from exceptionally high levels in Q1 2022, gold has been one of the best performing assets so far this year
The WGC report revealed net buying by central banks more than doubled from the previous quarter, adding over 84t to official gold reserves during Q1 2022