Gold prices, central banks' reserves drop in May: World Gold Council report

Ahram Online , Wednesday 7 Jun 2023

Gold prices declined by 0.9 percent in May in North American currencies, but increased by a range between 0.1 and 5.8 percent in other global currencies, including the sterling and the Yuan, according to a report by World Gold Council that was released on Wednesday.

File Photo: Gold bars. AFP
File Photo: Gold bars. AFP

Gold exchange-traded funds (ETFs) increased holdings in May for the third month in a row, according to the report.

Global ETFs inflows rose to $1 billion in May, with holdings amounting to 3,478 tons.

Assets under management recorded $220 billion in May, a 0.4 percent drop compared to April due to declining prices.

Meanwhile, Central banks' official gold reserves declined by 71 tons in April mainly due to Turkey's selling of 81 tons on its domestic market to meet surging local demand, according to the report.

On Wednesday, gold spot edged lower by 0.16 percent to record $1,960.3 per ounce.

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