Barron's: Gold Continues to Boom. The Major Buyer: Central Bankers

Despite losing some luster this week, gold prices have risen 40% from an October 2022 trough. Historically, prices track holdings in bullion-backed exchange-traded funds, a proxy for Western demand. However, that logic was turned on its head as gold gained in the face of persistent ETF outflows. And central banks, which long played a supporting role for gold prices, emerged as a driver of this multiyear rally by buying bullion at unprecedented levels.

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