The gold market is not paying attention to inflation and interest rates in the US because investors are not concerned about opportunity costs in a world with unprecedented geopolitical and economic uncertainty, says a market strategist.
The World Gold Council will work with Dubai to address the problems associated with the unauthorized transportation of gold. Andrew Naylor, WGC's Middle East and Public Policy Director, told the Khaleej Times newspaper that gold in passengers' carry-on luggage is a particular problem.
The gold market continues to consolidate after hitting record highs, and while the price has room to fall further, one market strategist believes the precious metal will eventually head upwards.
Central banks around the world are increasing their gold purchases. Bob Minter, head of investment strategy at Aberdeen Standard Investment, sees this as a strategic move in abandoning the US dollar amid geopolitical tensions.
Central banks around the world purchased significant amounts of gold in 2023. Particularly striking was the activity of China, whose gold reserves increased by 225 tons during the year.
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