XAU/USD: Gold Shines Bright to Record High of $2,160 as Central Banks Stack Up

New all-time record is celebrated by gold bugs worldwide as demand from China moves in stealth mode.

Key Points:

• Gold hit a record of $2,160 early Thursday.
• Central banks added 39T of gold in January.
• 64,200 Tesla Cybertrucks weigh how much?
• Gold prices XAUUSD hit a record early Thursday after a flurry of factors boosted demand for the precious metal. Bullion spiked to a fresh all-time high of $2,160 per ounce, gaining a modest 0.4% in the opening trading hours today. Over the past seven sessions, gold has known no red close, pumping a total of 6.5%.
• Elevated demand from the East is buoying the yellow asset. In recent months, Chinese safety-seeking consumers have scrambled to own gold, shaping up a stealth-mode upside swing. Central banks and governments are also loading up on the haven asset. A total of 39 tons were added to global reserves in January, according to fresh data from the World Gold Council.
• Fun fact: did you know that all the gold ever mined is around 212,000 tons, or the equivalent of 64,200 Tesla Cybertrucks? The world’s biggest gold holder is the US government, owning more than 8,100 tons of the shiny metal that’s worth roughly $570 billion in today’s market prices.