According to Invesco's recent study on global sovereign wealth management, more and more countries are choosing to keep their gold reserves within their own borders. This is due to concerns about potential consequences, similar to what Russia faced, when it experienced severe economic impact from Western sanctions following its invasion of Ukraine last year.
The Western nations froze almost half of Russia's $640 billion in gold and foreign exchange reserves, leading central banks to reconsider their asset allocation and storage strategies. In a survey conducted by Invesco among 85 sovereign wealth funds and 57 central banks, which collectively manage approximately $21 trillion in assets, it was found that a significant number of central banks are worried about the US freezing Russia's reserves.
The survey revealed that 58% of the respondents believe that the US action has made gold more attractive, signaling a shift in their investment preferences. Invesco noted that "a significant portion" of central banks now shares concerns about the precedent set by Russia's experience.
The Western nations froze almost half of Russia's $640 billion in gold and foreign exchange reserves, leading central banks to reconsider their asset allocation and storage strategies. In a survey conducted by Invesco among 85 sovereign wealth funds and 57 central banks, which collectively manage approximately $21 trillion in assets, it was found that a significant number of central banks are worried about the US freezing Russia's reserves.
The survey revealed that 58% of the respondents believe that the US action has made gold more attractive, signaling a shift in their investment preferences. Invesco noted that "a significant portion" of central banks now shares concerns about the precedent set by Russia's experience.
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Besides, precious metals fell in part due to higher crude oil prices and lower US Treasury yields, according to Kitco. Investors are being cautious ahead of the release of June inflation data.
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In recent times, gold has been stuck below $1,950 an ounce as the US Federal Reserve (Fed) is expected to maintain positive monetary policies throughout the summer.
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Recently, gold has been stuck below $1,950 an ounce as the US Federal Reserve (Fed) is expected to maintain positive monetary policies throughout the summer. However, Kristina Hooper, chief global market strategist at Invesco, said that price action is one factor that investors should consider when building a core position in gold.
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Gold prices have dropped below $1,950 per ounce due to the US Federal Reserve's decision to continue with their favorable monetary policies during the summer. Kristina Hooper, the chief global market strategist at Invesco, advises investors to take into account the pricing action when establishing a solid gold investment.
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In a recent interview with Kitco News, Kristina Hooper, global head of market strategy at Invesco, said that although gold faces a challenging environment as markets expect the Federal Reserve will raise rates by 25 basis points later this month, but the precious metal remains an important strategy.
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In a recent interview with Kitco News, Kristina Hooper, global head of market strategy at Invesco, said that although gold faces a challenging environment as markets expect the Federal Reserve will raise rates by 25 basis points later this month, but the precious metal remains an important strategy.
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"If the outcome on inflation is not too high, this will have a positive effect and could take gold to $1,950 an ounce," said Edward Moya, a leading market analyst.
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According to Matt Simpson, senior market specialist at City Index, gold prices are being supported by the weakening of the dollar as the Fed seems to be hinting that the end of the tightening cycle is near. Tighten monetary policy. However, gold investors are hesitant about the US inflation report, due to be released on December 7.
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Gold for August futures was last traded at $1,937.2 per ounce, up $6.2 from dawn the previous day.
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According to Kitco, falling inflation is helping to breathe new life into the gold market, pushing prices to four-week highs and testing some initial resistance near $194 an ounce.
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In the medium and long term, gold is supported by the Fed's nearing end to its easing cycle.
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This was the third consecutive day of gains for spot gold, up 0.4% to $1,931.83 an ounce at 02:11 pm. EDT.
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Matt Simpson, senior market analyst at City Index, said the weakening dollar is supporting the precious metal as the Fed appears to be signaling that it is nearing the end of its tightening cycle. currency. However, gold investors were hesitant before the US inflation report on July 12.
