(Reuters) – Poland raised its gold holdings to the highest in at least 35 years, data from the International Monetary Fund showed on Monday.
The country increased its holdings by 4.4 tonnes from August to about 117 tonnes in September, a record, according to data going back to January 1983.
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“While the exchange-traded funds (ETFs) were losing tonnage, the central banks were buying since they had to maintain domestic currency values against a rising dollar,” said George Gero, managing director at RBC Wealth Management.
“I think you will see that continuing. Central banks are trying to maintain some hold on their currencies by storing gold.”
Holdings of SPDR Gold, the largest gold-backed ETF, have registered declines of more than 4 million ounces since hitting a peak in late April as investors have preferred the safety of the U.S. dollar against a backdrop of rising interest rates and as a U.S.-China trade tussle unfolds.
The trade dispute and rising dollar have in turn weighed on emerging markets, with the Polish zloty declining more than 6 percent this year.
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Gold Prices (LBMA AM)
15 Oct: USD 1,233.00, GBP 937.70 & EUR 1,064.45 per ounce
12 Oct: USD 1,218.75, GBP 922.11 & EUR 1,052.15 per ounce
11 Oct: USD 1,201.10, GBP 910.31 & EUR 1,040.27 per ounce
10 Oct: USD 1,186.40, GBP 902.02 & EUR 1,033.00 per ounce
09 Oct: USD 1,187.40, GBP 910.26 & EUR 1,036.01 per ounce
08 Oct: USD 1,194.80, GBP 914.86 & EUR 1,040.67 per ounce
Silver Prices (LBMA)
15 Oct: USD 14.74, GBP 11.19 & EUR 12.71 per ounce
12 Oct: USD 14.60, GBP 11.04 & EUR 12.60 per ounce
11 Oct: USD 14.40, GBP 10.90 & EUR 12.45 per ounce
10 Oct: USD 14.38, GBP 10.92 & EUR 12.50 per ounce
09 Oct: USD 14.33, GBP 10.98 & EUR 12.51 per ounce
08 Oct: USD 14.47, GBP 11.10 & EUR 12.61 per ounce
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