Moreover, gold prices are also being supported by central bank gold purchases whether it is to diversify from their dollar and euro holdings, rebalance reserves, protect national wealth. In some cases to help internationalize their currency.
Central banks bought 157.5 tonnes of gold in the second quarter. That's up nearly 63 percent from Q1, and up 137.9 percent year-over-year.
We put together a list of the countries with the biggest official gold holdings as reported by the World Gold Council (WGC). We also included the percent of their foreign reserves they have in gold.