Iraq increases gold reserves by 2% in one day, and it's just the start Iraq centralbanks gold
The central bank of Iraq expanded its gold reserves by 2% in one day last week, Bloomberg reported, stating that a bigger move into gold is in the works.
Central banks bought record amounts of gold last year, boosting reserves with an asset viewed as a safe haven during economic distress and an ongoing de-dollarization trend. The Q1 central bank demand followed last year's record annual purchases of 1,078 tonnes. And even though the first quarter numbers were up 176% from the same period last year, they were down 45% from Q4 2022 figures and marked a second consecutive quarter of declines. In comparison, central banks purchased 417 tonnes of gold in Q4 2022.
June Comex gold futures last traded at $1,942 an ounce, down more than $140 since testing record highs just a few weeks ago. Despite the selloff, year-to-date gold is still up more than 6%.
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