The gold market is experiencing a change in activity: purchases of central banks slow down and the request for the stock -up funds (ETF) and cryptocurrencies backed by gold increases. The latter recently reached their highest level in three years, measured by the net volume of typing of tokens leaning against gold.
According to Derwa.xyzCette Highway data allowed the market capitalization in the sector to increase by 6 %, to $ 1.43 billion. At the same time, the monthly volume of transfers increased by 77 %, to $ 1.27 billion, marking a lively renewed interest in digital representations of precious metal.
The increase in the activity of tokens reflects a broader trend on the gold market.
The latest report by the World Gold CouncilPortmontre that the total gold demand in the first quarter of the year has reached 1,206 tonnes, an increase of 1 % over a year and the first tall quarter since 2016. This increase has occurred despite a slowdown in purchases of central banks, which fell to 244 tonnes, against 365 tonnes in the fourth quarter.
-The ETF on gold played a central role in this evolution. Investment demand has more than doubled to reach 552 tonnes, which suggests that investors are turning to precious metal, a historically known trend in central banks.
These flows helped to propel the average quarterly price of gold at a record level of $ 2,860 per ounce, up 38 % compared to the previous year. However, the price dropped by 2.35 % last week, after progressing 23.5 % since the start of the year, while risky assets, including cryptocurrencies, increased. The cash in cash is currently exchanging at 3,240 dollars.
While the traditional gold demand, like that of jewelry, experienced a slowdown, falling at levels as low as those of the time of the pandemic, the demand for bruises and parts has remained high, especially in China.
On the same subject: Tokenized gold exceeds $ 2 billion in market capitalization, fears of customs prices fueling the refuge values
