Central-Bank purchases may add fuel to Gold rally

February 1, 2019

New York (Feb 1)  Gold prices could get an additional boost from central-bank purchases, said Hussein Sayed, chief market strategist at FXTM.

 In its most recent report on demand trends, the World Gold Council says that central banks added 651.5 tons to official gold reserves in 2018, which was the second-highest annual total on record.

“If this trend is expected to continue in 2019, the chances of retesting the 2016 peak of $1,375 is highly likely in the coming two months,” Sayed added.


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