Brazil gold reserves surge nearly 100% in three months as Central Bank doubles purchases

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Brazil’s central bank purchased over 62 tons of gold in three months through July 2021, raising the nation’s reserves to nearly 130 tons. The estimated growth of physical holdings reportedly amounted to 92.4%.

The bulk purchase of 41.8 tons was recorded in June. In May and July, the regulator acquired 11.9 tons and 8.5 tons, respectively, according to Exame, a Sao Paulo-based media outlet. In monetary terms, Brazil’s gold holdings saw substantial growth of 98.5% to $7.596 billion as the pandemic drove global gold prices to new heights.

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The move marks the first major purchase in the past decade, as the central bank had barely changed the amount of reserves invested in the precious metal since November 2012.

www.rt.com/business/532085-brazil-gold-holdings-double/

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