China's gold reserves have increased by 18 tons in March, continuing its buying spree that started in November 2022. The country has purchased more than 100 tons in the last five months, bringing its total gold reserves to 2,068 tons. The World Gold Council predicts that central banks will continue to hoard gold this year due to the strong demand for the commodity and the need to seek refuge in safer assets during inflationary times. Economists suggest that China may be preparing for the issuance of a gold-backed currency as part of the BRICS strategy to reduce dependence on the U.S. dollar. The continued demand for gold by central banks and macroeconomic headwinds have caused analysts to predict a rise in gold prices in the future, with some predicting that gold prices might touch the $8,000 mark in the next decade.

(By Sergio Goschenko)