Gold continues to shine and reinforces its role as shelter asset against the increase in commercial tensions globally. In this context, precious metal He beat records on multiple occasions throughout the year, overcoming even the barrier of the US $ 3,500.
A recent European Central Bank (ECB) report highlights that The ingot displaced the euro as the second most important reserve asset among central banks, consolidating its prominence in a scenario of high uncertainty.
While gold bullion They represented the 20% Of world official reserves last year, the euro was relegated with 16% and was only outstanding by the US dollar with the 46%.
“Central banks continued to accumulate gold at a record rate. The central banks bought more than 1,000 tons of gold in 2024, which is twice the average annual amount observed in the previous decade. The world holdings of gold by the central banks now amount to 36,000 tons, near the historical maximum of 38,000 tons reached in 1965 during the Era of Bretton Woods, “says the ECB.
Gold is strengthened as a refuge asset for central banks
The agency explains that, with the price of gold reaching new maximums, the participation of precious metal in world reserves (20%) of currencies at market prices, exceeded the participation of the euro (16%). “The survey data suggest that two thirds of the central banks invested in gold for diversification purposes, while two fifths did so to protect themselves against geopolitical risk”the report requires.
Likewise, the ECB indicates that not only that the central banks continued to accumulate gold at a record rate, but that some countries were actively exploring alternatives to traditional cross -border payment systems. “There is evidence of a link between geopolitical alignments and changes in the billing patterns of world trade, particularly from the Russian invasion of Ukraine,” they emphasize.
But it also emphasizes that new challenges for the International euro paperincluding initiatives that promote the global use of cryptocurrencies. “This changing scenario highlights the importance of European politicians to create the necessary conditions to strengthen the world’s world role, such as the advancement of the savings and investment union to fully take advantage of European financial markets,” warns the ECB.
From the entity they comment that the elimination of barriers within the European Union It would increase the depth and liquidity of the financing markets in euros. In addition, they highlight the need for Accelerate progress towards a digital euro in order to support a competitive and resilient European payment system. “The digital euro would contribute to the economic security of Europe and strengthen the international role of the euro”said Piero Cipollonemember of the Executive Committee.
The “overall attraction of the euro” is also supported, according to the agency, by the ECB initiatives to offer solutions to liquidate wholesale financial transactions registered on registration technology platforms distributed in money from central banks and to improve cross -border payments between the euro area and other jurisdictions.
“The liquidity lines in euros of the ECB to the central banks not belonging to the euro area encourage the use of the euro in world financial and commercial transactions,” he says.
The euro remains the second most important currency worldwide
Despite the preponderance of the ingot, the international role of the euro remained practically stable in 2024 and I keep its position as the second most important currency worldwide. “The participation of the euro in several indicators of the use of the international currency has remained practically unchanged since the large -scale invasion of Ukraine by Russia, standing around 19%”he points out.
This stability was “remarkable” in a year in which the BCE It begins to reduce official interest rates, after new decreases from the inflation and in the middle of the continuous Geopolitical tensions. “The participation of the euro in the official world holdings of currency reserves remained stable in 20% in 2024, practically unchanged since the beginning of the Russian invasion of Ukraine. The overall appeal of the euro is backed by solid policies in the euro zone and solid institutions based on rules,” he adds.
“The defense of the rule of law remains essential for Maintain world confidence in the euroand potentially increase it, “he concludes Christine LagardePresident of the ECB.
Gold also shines in Argentina
The recent one Elimination of exchange controls for retail investors It promoted a growing trend among Argentines: investment in physical gold. The possibility of acquiring it in pesos and even in installments without interest eliminated the entrance barrier that represented access to dollars, and He approached this active traditionally reserved for large assets to small saverswhich seek to preserve value in a context of uncertainty.
“It is getting very fashionable,” says Leonardo Echegoyen, director of Banco Pianoone of the few entities in the country that offers Legal physical gold with certificate of origin and purity 999.9. “People seek to obtain performance for their dollars, and they are finding it in this commodity,” explained.
Source: Ambito
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