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Gold Fades From Investment Picture
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A sharp decline in gold prices in 2013 of 19% by October 2013 as central banks in developing economies cut back on holdings of gold. Emerging market economies such as Russia diversified their foreign exchange holdings by buying gold in the period following 2009. With depreciating currencies, efforts to intervene in currency markets and need for foreign exchange as growth slows, central banks in developing economies have cut back on gold purchases. In 2013 central banks are expected to reduce goldbuying by 34%, according to Thomson Reuters GFMS. Private investors fearing rising inflation as the U.S. Federal Reserve loosened monetary policy also increased purchases of gold in this period. With inflation remaining low in 2013 the interest in gold is declining, especially as it does not offer any return and alternative invesments are becoming more attractive.
Decline in the price of gold in 2013 as central banks in emerging markets cut back on gold purchases
04/06/2009
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Demand from central banks is expected to decline by 34% in 2013, according to Reuters Thomson GFMS. Lower inflation and better returns in equity and bond markets is reducing demand from private investors.
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Gold Fades From Investment Picture
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