Daily Gold Market Report
Gold pushes marginally this morning as debt ceiling concerns fade
WGC survey of central bankers reveals healthy future interest in gold as a reserve asset
(USAGOLD – 6/1/2023) – Gold pushed marginally higher this morning as debt ceiling concerns faded and investors took to the sidelines ahead of Friday’s jobs numbers. It is up $5 at $1970. Silver is up 1¢ at $23.58. The World Gold Council released its annual survey of central bankers earlier this week, providing insights on the sector’s future interest in the metal as a reserve asset.
As most of you already know, demand from that quarter has been running at record levels, and according to the survey, that interest is likely to continue. Most notably, 62% say that gold will garner a greater share of reserves in the future up from 46% last year, while 24% expressed their intention to increase gold reserves over the next 12 months. In addition, says WGC, “central banks’ views towards the future role of the US dollar were more pessimistic than in previous surveys.”
Chart courtesy of World Gold Council • • • Click to enlarge