More countries want to store gold reserves within their own borders, fearing a similar fate as Russia, which saw a slate of coordinated sanctions by the West following its invasion of Ukraine last year, according to the annual Invesco Global Sovereign Asset Management Study.
The West froze almost half of Russia's $640 billion of gold and forex reserves last year, and that triggered a shift in central banks' thinking about what assets to hold and where to store them, Invesco said in its survey that polled 85 sovereign wealth funds and 57 central banks, which collectively manage about $21 trillion in assets.
"A substantial percentage of central banks are concerned about the precedent set by the U.S. freezing of Russian reserves, with the majority (58%) agreeing that the event has made gold more attractive," the survey said.
A "substantial share" of central banks is now concerned by the precedent that had been set with Russia, Invesco said.
+65pips . Gold has gone down in line with the trend ✅✅✅
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GOLD Attempts at a Range Breakout Fall Short as US Yields and the DXY Bounce. US 10Y Yield Back Below the 4% mark. Bull Flag and Price Action Still Hint at Upside Breakout but Macro Factors Are Likely to Drive the Move with US CPI Ahead.
Gold Attempts at a Range Breakout Fall Short as US Yields and the DXY Bounce. US 10Y Yield Back Below the 4% mark. Bull Flag and Price Action Still Hint at Upside Breakout but Macro Factors Are Likely to Drive the Move with US CPI Ahead.
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+65pips . Gold has gone down in line with the trend ✅✅✅
US 10Y Yield Back Below the 4% mark.
Bull Flag and Price Action Still Hint at Upside Breakout but Macro Factors Are Likely to Drive the Move with US CPI Ahead.