Gold set up for sales ‘tsunami’ once economies reopen: RAK

摘要

Dubai—A “tsunami” of secondary gold supply is ready to hit the market once global economies get back to normal, Jeffrey Rhodes, principal consultant of RAK Gold, told a webinar on Tuesday. The secondary gold supply hasn’t hit the market yet even with gold at a seven-year high, John Reade of the World Gold Council, said in the Dubai Multi Commodities Center webinar on how precious metals have been affected by COVID-19. “2020 will be a weak year for gold jewelry,” he said, adding that he expects central banks to buy more gold this year. The UAE has been buying more gold this year, according to latest International Monetary Fund data. The UAE increased its gold reserves by 5.9% in January 2020 after a 1.5% jump in December 2019 and 15% for the year of 2019. N^Claudia Carpenter N^Rabia Arif