The price of gold has reached an all-time high, boosting the value of the Bank of Portugal’s reserves, which have already risen by 19% since the start of the year.
The Bank of Portugal has not bought any more gold in recent months, keeping its holdings at around 382.6 tonnes, a Lusa official said. However, its value has already risen, while the prospect of a Federal Reserve rate cut and geopolitical tensions have pushed up the price of the precious metal.
Such an increase already took place last year, and the Board of Directors’ report for 2023 stated that “the volume of gold held by the Bank remained unchanged (382.6 tonnes), but increased in value by 9.3%”. The increase of EUR 1,993 million compared to 2022 was the result of “the positive development of the euro price per ounce of gold”, the report said.
Author: Lusa
Source: CM Jornal
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