According to Business Insider, global central banks are buying a lot of gold, with China's central bank buying the most. Analysts believe that China aims to reduce its reliance on US dollar reserves. Against this backdrop, China's appetite for gold is raising eyebrows among analysts and market participants as this aggressive pursuit of the precious metal is alarming to them. The World Gold Council says that since early 2023, central banks have bought more gold than ever. They are doing this to diversify their assets and move towards de-dollarization. Conducting transactions in alternative currencies is seen as a way to improve mutual trade relations between countries. The Council expects more gold buying from major banks soon, projecting that the annual volume of gold purchases will approach or even surpass last year's record levels. Since the start of the year, central banks have acquired 800 tons of gold, with China's share being 181 tons. This represents a 14% increase compared to 2022.
