Expert: Gold demand soars as global central banks veer away from greenback

Central banks of developing countries are exploring options such as higher gold purchases to hedge against rising geopolitical risks, the head of a leading gold association said on Wednesday. David Simon John Tait, CEO of World Gold Council, told CGTN that gold purchases by central banks of developing countries date back to 2013, when they wanted to catch up with their peers in the west. The quantum of purchases has increased as central banks are keen to find alternates to the U.S. dollar and diversify their assets, he said. 

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