The Czech National Bank (CNB) has continued its gold-buying spree, adding another 1.6 tonnes to its reserves in September. This marks the 19th consecutive month of gold purchases by the CNB, bringing its total gold holdings to over 46 tonnes.
The CNB’s decision to accumulate gold is likely motivated by a desire to diversify its foreign exchange reserves and hedge against potential economic and financial risks. Gold is often seen as a safe-haven asset that can appreciate in value during times of uncertainty.
Data from the Czech National Bank shows its #gold reserves rose by another 1.6 tonnes in September. That’s now 19 consecutive months of buying. Total gold holdings are now in excess of 46 tonnes. pic.twitter.com/YMeIwDLVhV
— Krishan Gopaul (@KrishanGopaul) October 9, 2024
The CNB’s gold purchases are part of a broader trend among central banks around the world. In recent years, many central banks have increased their gold holdings as a way to protect their economies from geopolitical risks and currency volatility.
The CNB’s continued gold buying spree suggests that the bank remains confident in the long-term value of gold. As the global economic landscape continues to evolve, it is likely that other central banks will follow suit and increase their gold reserves.
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