Further milestones passed. The price of&nbsp;gold has exceeded USD&nbsp;2,300&nbsp;per troy ounce on the back of interest rates and uncertainty on global markets. In&nbsp;times of instability, investors seek a&nbsp;safe haven, and the precious metal’s 6,000‑year tradition provides them with the reassurance they want.

Gold exceeds expectations and reaffirms its reputation as a&nbsp;safe haven

Gold’s star is shining bright, and its price is soaring. So, it not only continues to defend against the effects of inflation and uncertainty on behalf of its investors, but also earns them long‑term profits. It is proving once again why it has been a&nbsp;safe haven for money for centuries.

Gold sets new benchmarks. It beats inflation by a&nbsp;factor of two

Croatia joined the euro area and Schengen on 1&nbsp;January&nbsp;2023. In December last year, they bought almost two tonnes of gold. This is a&nbsp;major milestone for the country, not only because they have not given much thought to the precious metal in the past.

Why are Croatia’s gold purchases important?

The trend of extraordinary gold purchases by central banks continues. Like the Czech&nbsp;National&nbsp;Bank, Poland is also expanding its gold reserves. In April, they bought about fifteen tonnes of gold, thus beginning to implement the previous announcement by the Governor of the Bank of Poland (NBP) in 2021.

Poland bought 15&nbsp;tonnes of&nbsp;gold. We must be prepared for the worst, says Governor

The Czech&nbsp;National&nbsp;Bank has been buying gold at a&nbsp;pace unprecedented for a&nbsp;long time. From January to May this year, they have been expanding their gold reserves at an average rate of 30&nbsp;kg per day. They have thus completely reversed the trend of the 1990s, when they were selling the gold.

The Czech&nbsp;National&nbsp;Bank buys gold. Its gold reserves have been increased by 37.5%&nbsp;since January

Gold mining costs are rising. The total costs of&nbsp;mining to produce one troy ounce of gold (the average sustaining costs, which include all direct mining costs, labour, materials, energy, taxes, and royalties) rose by 18% year‑on‑year to USD&nbsp;1,276&nbsp;per troy ounce in 2022. They surpassed the 2012&nbsp;peak mining cost level by 14%. Both the pandemic and the outbreak of war in Ukraine early last year significantly contributed to the increase.

Gold mining costs have reached record levels. What is&nbsp;next for the&nbsp;metal?

There’s no rest for the central banks. They kept busy in&nbsp;July and expanded their gold reserves by 37&nbsp;tonnes. This was a&nbsp;206% month‑on‑month hike in&nbsp;purchasing. The increasingly complicated geopolitical and economic environment is making the management of&nbsp;gold reserves more important than ever.

Blog

The price of gold is rising, but banks continue to buy it. Why are they bolstering their reserves?

Gold exceeds expectations and reaffirms its reputation as a safe haven

Gold sets new benchmarks. It beats inflation by a factor of two

Why are Croatia’s gold purchases important?

Poland bought 15 tonnes of gold. We must be prepared for the worst, says Governor

The Czech National Bank buys gold. Its gold reserves have been increased by 37.5% since January

Gold mining costs have reached record levels. What is next for the metal?

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