BoA inhibits gold purchase

The Bank of Albania has continued throughout the period of pandemic the strategy of curbing the purchase of gold, after a year in “attack”.

Throughout the past year, the Bank of Albania has doubled its foreign gold reserves, from 58m euros to about 120m euros, or about 2.5 tonnes of gold.

Data from the first two months of the year spoke of a fairly slight fluctuation, which is most likely due to fluctuations in the price of gold in global markets rather than the effect of bank moves to buy or sell gold bars.

Gold is widely known as a shelter instrument, which investors or various countries keep for a time of uncertainty, as there are smaller fluctuations than the exchange rate of currencies.

But March data show a drop in the Bank of Albania’s foreign reserves in gold, from 130m euros to 129m euros, which appears to be the result of market price fluctuations.

During April and May, meanwhile, the price of gold in international markets has risen sharply, which is expected to be reflected in the data of the reserves of the Bank of Albania in gold during April.

SCAN

*Material i përgatitur nga portali SCAN. Ripublikimi mund të bëhet vetëm kundrejt citimit të autorësisë dhe burimit origjinal.