Banks buying gold slows down gold price decline

World gold prices move sideways amid strong USD index. Recorded at 9:20 a.m. on September 4, the US Dollar Index measuring the greenback's fluctuations against 6 major currencies was at 101,607 points.

According to Kitco, in the first sessions of the week, world gold prices fell sharply, causing investors to panic right before a busy week with US economic reports.

Central financial institution gold purchases doubled in July. Global valuable banks delivered 37 tonnes to their reputable reserves, a 206% increase.

"In total, seven valuable banks delivered extra gold (a tonne or extra) to their reserves in July. Only one valuable financial institution decreased its holdings"


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