Gold breaks $2700/oz barrier, driven by geopolitical tensions and investor demand. Poland’s gold reserves continue to grow.
Gold has surpassed the $2700 per ounce mark, breaking another key barrier. Since the beginning of the year, the precious metal has seen a 31% increase, making it an attractive investment option. An ounce of gold weighs just over 31 grams.
Global and Domestic Trends
On the Polish market, gold prices have reached all-time highs, partly driven by the strengthening of the US dollar against the Polish złoty. Buyers are now paying over 11,000 zł for a one-ounce coin from local dealers.
Geopolitical Tensions and BRICS Summit Impact
Gold’s recent gains can be attributed to its status as a safe-haven asset amid rising geopolitical tensions in the Middle East and Ukraine. Moreover, the upcoming BRICS summit, where discussions may introduce mechanisms for settling transactions without the US dollar, could further increase gold’s significance.
Poland’s Gold Reserves
The National Bank of Poland continues to increase its gold reserves, which now total 420 tons, representing 16% of the country’s official reserves and valued at over 136 billion zł.