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<ul><li><keyword id="6358963" type="DEFINITION" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword>'s <keyword id="6362665" type="ORGANIZATION" weightage="60" keywordseo="berkshire-hathaway">Berkshire Hathaway</keyword> bought a stake in <a href="https://markets.businessinsider.com/stocks/gold-stock">Barrick Gold</a> in the second quarter, <a href="https://www.sec.gov/Archives/edgar/data/1067983/000095012320009058/xslForm13F_X01/960.xml">a Friday filing showed</a>.</li><li><keyword id="101638" type="COMPANY" weightage="60" keywordseo="Barrick-Gold">Barrick Gold</keyword> surged as much as 12% on Monday.</li><li>The total stake in Barrick <keyword id="18712" type="ENTERTAINMENT" weightage="60" keywordseo="Gold">Gold</keyword> was worth about $564 million, the filing said.</li><li><a href="https://markets.businessinsider.com/stocks/gold-stock">Watch Barrick Gold trade live on Markets Insider</a>.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Read more on Business Insider</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/gold-stock">Barrick Gold</a> surged as much as 12% on Monday after Warren Buffett's Berkshire Hathaway revealed it bought a stake in the mining company.Berkshire Hathaway bought 21 million shares of the gold and copper miner worth roughly $564 million in the last quarter, <a href="https://www.sec.gov/Archives/edgar/data/1067983/000095012320009058/xslForm13F_X01/960.xml">a Friday filing</a> with the Securities and Exchange Commission showed.The buy comes <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-barrick-gold-miner-investment-big-change-2020-8-1029508701">as a bit of a surprise</a>; Buffett has been critical of gold, saying <a href="https://markets.businessinsider.com/news/stocks/why-warren-buffett-unhappy-berkshire-hathaway-record-137-billion-cash-2020-4-1029181516?utm_source=markets&amp;utm_medium=ingest#est#">it isn't as good of an investment</a> as businesses, farms, and real estate. Still, the precious metal has <a href="https://markets.businessinsider.com/commodities/news/gold-price-hits-new-record-high-briefly-tops-stimulus-bill-2020-8-1029468528#">been on a tear this year</a> as the coronavirus pandemic has sent investors rushing into the so-called safe-haven asset.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-investing-strategy-for-biden-election-win-2020-8" target="_blank" rel="noopener">RBC says buy these 47 stocks spanning every industry that are poised to crush the market if Joe Biden wins in a wave election.</a>While the stake in Barrick Gold is small for Berkshire Hathaway — the entire portfolio is worth about $202 billion — Buffett's company is now the miner's 11th-largest shareholder.Beyond the investment in Barrick Gold, Buffett's Berkshire Hathaway <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-sells-jpmorgan-wells-fargo-buys-barrick-gold-2020-8-1029506182#">trimmed its stakes in big banks</a> such as Wells Fargo and JPMorgan and exited Goldman Sachs.Barrick Gold had surged 45% year-to-date through Friday's close.Read more: <a href="https://www.businessinsider.com/genz-millennial-day-trading-investing-discord-server-eagle-investors-profile-2020-8" target="_blank" rel="noopener">Inside Eagle Investors, the 20,000-member online community run by 2 Indiana University students that's helping spearhead the Gen Z day-trading revolution</a><a href="https://markets.businessinsider.com/stocks/gold-stock"><div type="image" title="Screen Shot 2020 08 17 at 8.24.04 AM" height="1156" width="1560" msid="77593604" hostid="261"></div></a>

Barrick Gold surges 12% after Warren Buffett's Berkshire Hathaway buys a stake

<ul><li>Gold prices are falling for the third consecutive week as the Indian economy recovers and the number of COVID-19 cases decline.</li><li>The diminishing value of the yellow metal is good news for customers looking to buy up gold ahead of the summer wedding season and <keyword id="126295" type="ORGANIZATION" weightage="20" keywordseo="Akshaya-Tritiya">Akshaya Tritiya</keyword>.</li><li>Jewellers are optimistic that the fall in the price of gold and the upcoming festival season will drum up demand for the physical product.</li></ul>Gold prices are finally falling after a year of being on the rise. And, people in the world’s biggest market for gold, India, are taking advantage of the opportunity. Benchmark gold futures in the country have dropped 20% from a record high in August last year of ₹56,200. They are basically a deal to trade gold at terms decided now but with a settlement date in the future. Moreover, as compared to the beginning of 2021, gold prices are down by over ₹5,000 from highs of ₹48,500. This means the precious metal has technically entered bear territory. “Gold prices fell for the third consecutive week as risk on sentiments kept investors away from precious metals,” said HDFC Securities in its report dated March 8. For consumers, there couldn’t be better news with the summer wedding season just around the corner and Akshaya Tritiya — pegged as an auspicious day to buy gold — falling on May 14. Why is the price of gold falling? Simply put, consumers are no longer looking for a safe haven store of currency. During the coronavirus pandemic, the markets were volatile and rates offered by banks were sub par, giving gold the edge over others as a store of value. Now that the number of COVID-19 cases are slowing down and the economy is on the track to recovery, gold prices are coming back down. Investors are instead putting money into US government gold yields to earn higher returns. “Gold prices declined on a stronger dollar as traders and investors switched to the best alternative to gold.” noted HDFC Securities. As a result, the dollar index rose by 1.2%. Government officials told <a href="https://www.bloombergquint.com/global-economics/gold-s-slump-boosts-indian-buying-ahead-of-wedding-season">Bloomberg</a> that imports have jumped 41% in February to the highest that they’ve been since November 2019, which is another indicator of demand coming back. It’s time to buy up gold Last year may have been stellar to buy gold on the commodity exchange, but physical consumption was in the pits. According to the World Gold Council (WGC), the demand for jewellery plunged by 34% in 2020 as compared to the year before. Now, the demand for physical gold is seeing an uptick as prices dip to a near one-year low. It also helps that the Modi administration reduced import duty on the yellow metal from 12.5% to 7.5%. "GJC had been representing this concern for many years and we are glad that the government has acknowledged it and reduced the import duty," said chairman of All India Gem and Jewellery Domestic Council (GJC) in a statement. Lower prices, however, are only one part of the picture. In India, gold holds an important place in Indian weddings and the summer wedding season is set to occur between mid-April to May. Jewellers are also hoping that Akshaya Tritiya — the second-most auspicious day to buy gold for Hindus after Dhanteras — will also lead to a surge in demand. “The festival and wedding looks good. The investment demand has come back, and the jewelry demand will come in after the rates stabilize,” said Ashish Pethe, chairman of the All India Gem and Jewellery Domestic Council in a <a href="https://www.bloombergquint.com/global-economics/gold-s-slump-boosts-indian-buying-ahead-of-wedding-season">statement</a>. He believes that the demand will also see a boost since a lot of weddings that were postponed in 2020 due to the coronavirus pandemic will be scheduled for 2021. Brokerage HDFC Securities expects gold prices to remain low in the coming week, unlikely to dip below ₹44,000 per 10 grams. Analysts believe the rates of precious metal may continue to fall given the sharp recovery in economic activity and a slowdown in COVID-19 infections. However, gold could turn bullish again if central banks choose to step in. Sovereign debt for all countries has increased during the pandemic and the balance sheets are bloated in the face of public expenditure. “We do not think yield will sustainably rise given the fact that governments do not favour higher yields on their accumulated gigantic debt,” said the lead analyst of institutional equities at YES Securities, Hitesh Jain. Rising rates of yields — the interest rate that the government has to pay out for borrowing money from the market — is not favourable with high debt. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/india-blockchain-tech-to-make-sms-more-secure-is-leaving-users-locked-out-of-their-account/articleshow/81409145.cms">India’s blockchain tech to make SMS more secure is leaving users locked out of their accounts — and potentially more at risk</a> <a href="https://www.businessinsider.in/india/news/india-is-using-the-quad-alliance-to-get-help-from-the-us-japan-and-australia-to-match-chinas-covid-19-vaccine-push/articleshow/81408044.cms">India is asking the QUAD for money to boost vaccine production and counter China’s moves on the global stage</a> <a href="https://www.businessinsider.in/business/corporates/news/elon-musks-net-worth-has-eroded-60-billion-in-just-two-months-as-teslas-market-cap-falls-35/articleshow/81407453.cms">Elon Musk’s wealth has eroded $60 billion in just two months as Tesla's market cap falls 35%</a>

Gold prices are falling and the world’s biggest market for the yellow metal is hoping for more shoppers

<ul><li><keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">Gold prices</keyword> hit a fresh all-time high in the last two trading sessions.</li><li><keyword id="85550" type="General" weightage="20" keywordseo="silver-prices" source="Orion">Silver prices</keyword> also zoomed Rs 1,000 to hit record Rs 81,700 per kg.</li><li>In the international markets, spot gold at COMEX was trading at USD 2,297 per ounce.</li></ul>New Delhi, Gold prices surged by Rs 850 to reach a new peak of Rs 70,050 per 10 grams on Thursday on strong global cues, according to HDFC Securities. This is the second straight session that precious metal prices have hit all-time high levels. In the previous trade, the precious metal had settled at Rs 69,200 per 10 grams. Silver prices also zoomed Rs 1,000 to hit record Rs 81,700 per kg. In the previous session, it had finished at Rs 80,700 per kg. "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 70,050 per 10 grams, up by Rs 850, amid a bullish trend in the overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. In the international markets, spot gold at COMEX was trading at USD 2,297 per ounce, up by USD 22 from the previous close. Gold touched yet another record after Federal Reserve Chair Jerome Powell confirmed that an interest rate cut would likely be appropriate "at some point this year". Traders focus on rate cuts rather than the timing of the first rate cut, Gandhi said. Silver was also trading higher at USD 27.05 per ounce. It had closed at USD 26.25 per ounce in the previous session. "Gold continues to hover around its all-time high levels on the back of weakness in the dollar amid uncertainty over US interest rate cuts, while increased safe-haven demand also aided prices. "Additionally, silver prices too marked an all-time high on the domestic front, amidst a sharp rally in industrial metals," Navneet Damani, Senior VP of Commodity Research at Motilal Oswal Financial Services, said. Persistent geopolitical tensions in the Middle East and between Russia and Ukraine, coupled with a devastating earthquake in Taiwan, spurred safe haven plays into bullion and other precious metals, Damani added. According to Praveen Singh - Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, "Major US economic data, including weekly jobless claims to be released on Thursday, will provide more insights on the US Federal Reserve's monetary policy outlook". Investors will also look forward to services and composite PMIs out of the UK and the Eurozone, Singh added.

Two sessions, two new peaks: Gold hits fresh all-time high of ₹70,000/10 gm

<keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">Gold prices</keyword> plunged by ₹574 to ₹57,155 per 10 grams in the national capital on Monday amid weak global trends, according to HDFC Securities. In the previous trade, the precious metal had closed at ₹57,729 per 10 grams. Silver plummeted by ₹2,113 to ₹68,133 per kg. "Spot <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> prices in the Delhi markets traded at ₹57,155 per 10 grams, down ₹574 per 10 grams," said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities. In the overseas market, both gold and silver were trading lower at $1,875 per ounce and $22.48 per ounce, respectively. "We expect volatility will continue in precious metals with negative bias after short-term trend reversal in gold prices last week, with Comex gold having support at $1,856 to $1,833 per ounce," Gandhi said. "In the last Fed policy meeting, a 25 basis points rate hike was announced with a less hawkish tone. However, US job market data and comments from Fed officials scheduled this week will be very important to watch for. "Focus this week will also be on the RBI's monetary policy committee meeting and US Fed Governor Jerome Powell's speech," Navneet Damani, Senior VP of Commodity Research at Motilal Oswal Financial Services said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-group-to-pre-pay-1114-million-for-release-of-pledged-shares-ahead-of-maturity-in-september-2024/articleshow/97643602.cms">Adani Group to pre-pay $1,114 million for release of pledged shares ahead of maturity in September 2024</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/xiaomi-ms11-ev-image-leak-gives-us-a-look-at-the-companys-upcoming-electric-car/articleshow/97643920.cms">Xiaomi MS11 EV image leak gives us a look at the company’s upcoming electric car</a>

Gold plunges ₹574, silver plummets ₹2,113 amid weak global trends

New Delhi, <keyword id="471847" type="General" weightage="20" keywordseo="gold-exchange-traded-funds" source="Orion">Gold exchange-traded funds</keyword> (ETFs) attracted Rs 1,028 crore in August, making it the highest inflow in 16 months, amid continued hikes in interest rates in the US, which led to a slowing down in growth rate there. With this, the year-to-date inflow in the category has reached more than Rs 1,400 crore, data with the Association of Mutual Funds in India (Amfi) showed. Apart from inflow, the asset base of <keyword id="57156" type="General" weightage="80" keywordseo="gold-etfs" source="Orion">Gold ETFs</keyword> and investors' account or folio numbers increased in the period under review. According to data, gold-linked ETFs have seen an inflow of Rs 1,028 crore in August. This came following an inflow of Rs 456 crore in the segment in July. Before that, Gold ETF saw inflow to the tune of Rs 298 crore during the April-June period after three quarters of consecutive outflow. The category saw a withdrawal of Rs 1,243 crore in the March quarter, Rs 320 crore in the December quarter, and Rs 165 crore in the September quarter. The month of August witnessed the highest monthly inflow into Gold ETFs since April 2022 when the category attracted Rs 1,100 crore on the back of the Russia-Ukraine war. Flows into Gold ETFs have been subdued since then as the US Federal Reserve embarked on its tightening cycle. "As the end to the Fed's tightening cycle is now coming close, prospects for gold are looking good. The metal has held its ground despite US yields and the US dollar being on an upward trajectory lately. A potential US recession, central bank gold buying, geopolitical tensions, rising US debt levels are all supporting interest in the precious metal," Ghazal Jain, Fund Manager - Alternative Investments at Quantum Mutual Fund, said. Moreover, gold prices in recent times have come off from its all-time high levels, thereby providing some buying opportunity, particularly after a sharp rally it witnessed since March this year, Melvyn Santarita, Analyst - Manager Research at Morningstar India, said. "With the continued hike in interest rates in the US, inflation still higher than expectations, and growth rate slowing down, the appeal of gold as a safe haven and hedge against inflation is expected to continue," Santarita added. Gold, with its superlative performance over the last few years, has attracted significant investor interest and the consistent surge in its folio numbers is a testimony of the same. Investor accounts in Gold ETFs climbed by 20,500 folios to 47.95 lakh in August from 47.75 lakh in the preceding month. This shows that investors have become more inclined toward gold-related funds. Further, the assets under management of Gold ETFs surged by over 4 per cent to Rs 24,318 crore in August from Rs 23,330 crore in the preceding month. Gold ETFs, which track the domestic physical gold price, are passive investment instruments that are based on gold prices and invest in gold bullion. In short, Gold ETFs are units representing physical gold which may be in paper or dematerialised form. One Gold ETF unit is equal to 1 gram of gold and is backed by physical gold of very high purity. They combine the flexibility of stock investments and the simplicity of gold investments.

Festive shine: Gold ETF inflows hit 16-month high at ₹1,028 crore in August

New Delhi [India], May 22 (ANI): Benefiting from strong sales, organised gold jewellery retailers are set to clock 17-19 per cent <keyword id="19965932" type="General" weightage="20" keywordseo="revenue-growth" source="keywords">revenue growth</keyword> in the current financial year 2024-25, according to <keyword id="19898320" type="General" weightage="20" keywordseo="Crisil" source="keywords" meta.keywordsubtype="org" meta.entityname="Crisil" meta.hostid="261" meta.entityid="Crisil">Crisil</keyword>. The rating agency asserted that the projected revenue would be driven by higher realisations stemming from elevated <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword>, while volume remains steady. Gold, considered a safe haven asset for investment, has been in demand for considerable period of time, with its prices rallying to hit record highs every now and then. Geopolitical conflict in the West Asia that stretched for long now, buying by several central banks including RBI, physical demand, have altogether pushed gold prices towards northwards. Retailers are likely to step up marketing and promotional campaigns this fiscal to combat the moderation in demand amid rising gold prices, Crisil said on Wednesday. Hence, operating profitability may marginally moderate 20-40 basis points (100 basis points is equal to 1 percentage point) year-on-year to 7.7-7.9 per cent. "Working capital requirements may rise, too, resulting from increased inventory due to a substantial rise in gold prices and new stores additions. That said, credit profiles should remain stable," the rating agency noted. The organised gold sector accounts for slightly more than a third of the market, with the highly fragmented unorganised sector making up the rest. Domestic gold price increased 15 per cent during fiscal 2024 and reached Rs 67,000 per 10 gm as on end of March 2024. Now, they are trading at over Rs 74,000. Gold kept its shine as one of the safer investment options seen by various central banks across the world as well as end consumers amid geopolitical uncertainties. Gold is a scarce commodity, and any mismatch in demand-supply conditions may invariably trigger sharp price rise. Moreover, Crisil believes <keyword id="21263075" type="General" weightage="20" keywordseo="organised-retailers" source="keywords">organised retailers</keyword> will continue to gain market share at the expense of the unorganised ones, supported by changing consumer preferences and store expansion into Tier 1 and 2 cities and beyond. Himank Sharma, Director, CRISIL Ratings, "Stronger cash generation, due to healthy revenue growth and adequate profitability, will keep credit profiles of organised gold jewellery retailers stable, despite an expected rise in working capital borrowings." At the global level too, gold prices too are at their peaks. Historically, gold, as an asset, is considered to be a haven as it typically manages to retain or appreciate its underlying value in times of turbulence. (ANI)

Benefiting from strong sales, gold jewellers set for 17-19% revenue growth in 2024-25: Crisil

<ul><li><keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> has relaunched its Gold loyalty program, offering discounts and special access to subscribers.</li><li>Gold subscribers will get free deliveries and up to 30% discount on food deliveries.</li><li>The company has also announced up to 40% discount for dining.</li></ul>Popular food delivery app Zomato has relaunched its Gold loyalty program, replacing the company’s “Pro Plus” membership that was discontinued in 2021. The <keyword id="7913404" type="General" weightage="20" keywordseo="zomato-gold-membership" source="Orion">Zomato Gold membership</keyword> is expected to be available to members soon. Users who subscribed to the company’s Pro Plus membership will get three months of complimentary Gold membership. <cmsannotation type="cmsannotation" annotationid="Zomato Gold price" comment="subhead" text="Zomato Gold price"><keyword id="16229038" type="General" weightage="20" keywordseo="zomato-gold-price" source="Orion">Zomato Gold price</keyword></cmsannotation> <keyword id="4299597" type="General" weightage="80" keywordseo="zomato-gold" source="Orion">Zomato Gold</keyword> has been launched with an introductory price of ₹149 for three months. The company has not revealed the price for an annual subscription yet. <cmsannotation type="cmsannotation" annotationid="Zomato Gold benefits" comment="subhead" text="Zomato Gold benefits"><keyword id="16229042" type="General" weightage="20" keywordseo="zomato-gold-benefits" source="Orion">Zomato Gold benefits</keyword></cmsannotation> Zomato has announced several benefits for food deliveries and dining. <cmsannotation type="cmsannotation" annotationid="Zomato Gold benefits for food deliveries" comment="subhead2" text="Zomato Gold benefits for food deliveries">Zomato Gold benefits for food deliveries</cmsannotation> The biggest benefit that Zomato will offer with Gold is free food deliveries. This will be limited to restaurants within 10 km of you and applicable on orders above ₹199. This is handy for someone who regularly places orders on Zomato. <a href="https://www.businessinsider.in/tech/apps/news/swiggy-one-membership-price-benefits-and-everything-you-need-to-know/articleshow/87848507.cms">Swiggy One</a> offers a similar benefit, offering free deliveries within 10 km of the user on orders above ₹149. In addition to free deliveries, users will also get discounts of up to 30% at over 20,000 restaurants across the country. Zomato will also offer a “no delay guarantee” to Gold subscribers and delayed deliveries will result in the user getting a ₹100 coupon instantly. The final benefit offered under Gold for food deliveries is VIP access during rush hour. Under this, Gold subscribers will still have access to restaurants during high demand, meaning they will get priority over normal users. <cmsannotation type="cmsannotation" annotationid="Zomato Gold benefit for dining" comment="subhead2" text="Zomato Gold benefit for dining">Zomato Gold benefit for dining</cmsannotation> Zomato Gold also brings offers for dining. This time, the company has partnered with over 10,000 restaurants across the country, allowing Gold users to get discounts of up to 40% while dining out. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/the-oneplus-11-may-undercut-the-iqoo-11-to-be-the-cheapest-snapdragon-8-gen-2-smartphone-in-india/articleshow/97269913.cms">The OnePlus 11 may undercut the iQOO 11 to be the cheapest Snapdragon 8 Gen 2 smartphone in India</a> <a href="https://www.businessinsider.in/tech/news/logitech-mx-mechanical-keyboard-review-a-premium-mechanical-keyboard-for-professionals/articleshow/97255605.cms">Logitech MX Mechanical Keyboard review – a premium mechanical keyboard for professionals</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s23-series-to-launch-soon-launch-date-expected-price-and-features/articleshow/97243146.cms">Samsung Galaxy S23 series to launch soon – launch date, expected price and features</a>

Zomato Gold re-launched with free deliveries, VIP access, up to 40% discount on dining, and more

<ul class="summary-list"><li><keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">Gold prices</keyword> have hit record highs, thanks to global uncertainties and expectations of central bank rate cuts.</li><li>China's consumers and its central bank are snapping up gold, even as a falling <keyword id="20283765" type="General" weightage="20" keywordseo="yuan" source="keywords">yuan</keyword> makes the metal pricier.</li></ul>China's economy isn't in a great place and its currency is floundering. The tumult is sending prices of gold, considered a safe-haven asset, skyrocketing. <a target="_blank" href="https://markets.businessinsider.com/commodities/realtime-chart/gold-price">Spot gold prices</a> have recently hit record highs — above $2,400 an ounce — thanks to global demand on the back of economic and geopolitical uncertainties. Expectations of <a target="_blank" href="https://markets.businessinsider.com/news/commodities/gold-price-record-high-pce-inflation-hedge-data-rate-cuts-2024-4">central bank interest rate cuts</a> also boost gold's appeal, since the yields on fixed-income assets like bonds typically fall as rates go down. In China, consumers are dealing with an <a target="_blank" href="https://www.businessinsider.com/china-economy-first-quarter-gdp-growth-but-pain-not-over-2024-4">economy</a> that is struggling to recover post-pandemic and a weak yuan that has fallen about 5% against the US dollar over the last year. This makes gold — which, like most internationally-traded commodities, is denominated in the US dollar on the global market — even more expensive for the Chinese consumer. But consumers and China's central bank can't get enough gold. Even Gen Z investors in China are getting into the trend as they buy up tiny bottles of "gold beans," Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-16/what-little-gold-beans-are-teaching-young-chinese-about-alternative-savings">reported last month</a>. They're looking for alternatives to China's <a target="_blank" href="https://www.businessinsider.com/china-hong-kong-stock-market-slump-confused-beijing-economy-signals-2024-1">stock markets,</a> which have been flailing over the last few years. China's central bank has also been buying up gold, in much larger quantities than Gen Z's few grams of beans. The People's Bank of China, or PBOC, has been snapping up gold for 17 straight months,with its holdings of the precious metal rising 16% over this period, according to a report from the international trade association <a target="_blank" href="https://www.gold.org/goldhub/gold-focus/2024/04/chinas-gold-market-march-official-gold-reserves-rose-further-wholesale#:~:text=China's%20central%20bank%20announced%20its%2017th%20consecutive%20purchase&amp;text=China's%20gold%20reserves%20rose%20by,17%20months%20(Chart%208).">World Gold Council.</a> This buying spree coincides with a trend among central banks globally to <a target="_blank" href="https://markets.businessinsider.com/news/commodities/gold-price-china-economy-dollar-yuan-central-bank-dedollarization-commodities-2024-3">diversify their holdings</a> to reduce their reliance on the US dollar. In 2023, China's central bank bought 225 tons of gold, per the World Gold Council. Last month, China's gold reserve rose by 5 tons, taking the country's total stash to 2,262 tons. <h2>China has overtaken India as the world's <keyword id="21389468" type="General" weightage="20" keywordseo="largest-gold-buyer" source="Orion">largest gold buyer</keyword></h2>Since China is now home to swarms of gold bugs, the country has decidedly overtaken India as the world's largest buyer of the commodity. The two economies have been jostled in the top spots for years, but China's buying spree last year put India behind. Last year, China's demand for gold jewelry rose 10%, to 630 tons acquired, while India's purchases fell 6%, to 562 tons, according to the <a target="_blank" href="https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2023">World Gold Council.</a> US consumers were a far third place, buying just 136 tons of gold jewelry in 2023. It's not just China. <a target="_blank" href="https://www.gold.org/goldhub/data/gold-reserves-by-country">World Gold Council data</a> shows other central banks,includingPoland and Singapore, have also been snapping up gold to hedge against global economic uncertainties. India's central bank bought 16.2 tons of gold last year. The US did not add any gold to its reserves. However, the US already has the world's largest gold holdings, with about 8,134 tons of the precious metal — far more than second-place Germany, which holds 3,352 tons of the commodity. Despite the gold rush, Georgette Boele, an economist at Dutch bank ABN AMRO, warned about going all-in on the commodity amid record-high prices in an <a target="_blank" href="https://www.abnamro.com/research/en/our-research/gold-watch-the-sky-seems-the-limit-for-gold-prices">April 15 note.</a> "The trend in gold prices is positive and the sky seems to be the limit. However we remain cautious," wrote Boele. She highlighted a seeming paradox in the market: High US interest rates would typically keep gold prices muted, but the opposite is happening. "Even though these changes have occurred in the past, they tend to be temporary in nature meaning that they could last around three to six months," wrote Boele. Lofty gold prices now doesn't mean there's a supply crunch, she wrote. "The amount of central bank buying is not justifying gold prices at current levels," she wrote. Based on that assessment, she said she's keeping her forecast of $2,000 per ounce of gold at the end of 2024, below the current going rate around $2,400.

People in China continue to buy gold even as the currency remains weak!

<ul><li><keyword id="369687" type="PERSON" weightage="60" keywordseo="Michael-Novogratz">Michael Novogratz</keyword> told Bloomberg the price of <keyword id="18712" type="ENTERTAINMENT" weightage="60" keywordseo="Gold">gold</keyword> could certainly get up to $3,000. </li><li>The <keyword id="9660289" type="UNKNOWN" weightage="60" keywordseo="galaxy-digital">Galaxy Digital</keyword> CEO and co-founder said the next Fed meeting could be the "juice that accelerates gold and <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>."</li><li>Novogratz is a bitcoin investor and told Bloomberg all cryptos besides bitcoin are "still in the venture stage." He said investors should be careful in the space. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingestgest">Watch gold trade on Markets Insider here</a>.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest">Watch bitcoin trade on Markets Insider here</a>.</li></ul>Michael Novogratz told Bloomberg TV on Friday that the price of gold could reach up to $3,000 by the end of the year.The Galaxy Digital CEO and co-founder emphasized that predicting a new high for gold is difficult because it's already reached <a href="https://markets.businessinsider.com/commodities/news/gold-price-hits-new-record-high-briefly-tops-stimulus-bill-2020-8-1029468528">its record</a>, and "once you take out old highs in <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> it's really hard to figure out where they could end." But when asked for a number, he said, "Could it be $2,500 to $3,000? It certainly could be."Gold opened at $1,951.90 on Friday after hitting a record $2,000 last week. Novogratz said that he thinks the Fed will be more dovish in its September meeting, and its actions could be "the juice that accelerates gold and bitcoin." <a href="https://www.businessinsider.com/bitcoin-price-forecast-20000-in-2020-michael-novogratz-explains-reasons-2020-8">The investor is known as a bitcoin bull</a> and has said he has about 25% of his wealth in bitcoin. <a href="https://markets.businessinsider.com/currencies/news/gold-bitcoin-price-outlook-will-soar-higher-liquidity-government-novogratz-2020-7-1029440249#">He told</a> CNBC in July that gold was "more of a 5% position" for him. In the Bloomberg interview, he said he likes bitcoin better than gold because it's "harder to buy," and added that bitcoin has a $220 billion market capitalization, while gold is over $10 trillion. Bitcoin's catch-up game is one reason supporting his gold prediction."Bitcoin's got a long way to go to catch gold in just adoption. That's why I still think gold goes higher," Novogratz said. Read more: <a href="https://www.businessinsider.com/list-cannabis-stocks-to-buy-democrats-win-white-house-senate-2020-8">Top Wall Street analysts say these are the 7 cannabis stocks to bet on now that will benefit if Biden defeats Trump in November</a>Novogratz added that <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">Ethereum</keyword>, the second-largest cryptocurrency platform, has "been on tear recently." But crypto investors should be "very careful" with it. When discussing crypto investing, he said: "We're all still in the venture stage in everything but bitcoin."

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