The price of gold rose after the meeting of the US Federal Reserve (Fed) on Wednesday evening.
At times it reached $ 1,823 a troy ounce (31.1 grams) on Thursday.
The analysts wrote that the central bank had issued an “advance warning” that bond purchases could be reduced, but otherwise remained “rather deaf”.
Meanwhile, the demand for gold around the world in the second quarter was about the same as last year, as the industry organization World Gold Council announced.
In the months of April to June, 955.1 tons of gold were in global demand, after 960.5 tons in the same period of the previous year.
Christian Siedenbiedel
Editor in business.
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The demand for gold bars and coins, which are often bought by private investors, even increased for the fourth quarter in a row, to 243.8 tons. The demand for gold jewelry, which collapsed in the pandemic, also increased, by 60 percent to 390.7 tons. In contrast, professional investors and funds bought less gold. There were only slight net inflows of 40.7 tons into gold ETFs, i.e. exchange-traded index funds, in the second quarter.
These inflows were only able to partially offset the outflows at the beginning of the year. "This makes 2021 the first year after 2014 with net outflows in the first six months," writes the World Gold Council. The central banks, on the other hand, have expanded their gold reserves again. They bought 199.9 tons. "As the global economy continues to recover, we are confident that consumer demand will return and that jewelry demand will experience strong growth," said Louise Street, an analyst with the World Gold Council.