Public sector gold reserve hits 18-year high

Dhaka,  Sat,  24 June 2017
Published : 12 Jun 2017, 13:06:06
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Public sector gold reserve hits 18-year high

Public sector gold reserve hits 18-year high
The gold reserves of the world’s biggest public sector investors reached an 18-year high as they hoarded the ¬precious metal after Donald Trump’s election and the Brexit vote added to geopolitical uncertainty, according to a global media report Monday. 

State investors increased their net gold holdings by 377 tonnes to an -estimated 31,000 tonnes last year - the highest level since 1999, according to a study of 750 central banks, public ¬pension plans and sovereign wealth funds with $33.5 trillion in assets. 

The central banks in Russia, China and Kazakhstan are among the big investors that bought gold last year, according to the Omfif research. 

Public sector investors are also thought to be storing up gold as a bet against inflation, said Saker Nusseibeh, chief executive of Hermes Investment Management, the £30 billion fund house. “Gold is the refuge of uncertainty.” 

The outlook for global growth has ¬stabilised this year but public investors remain concerned about the fraught political environment, the study found.

-SZ-
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