Hungary has made one of the largest gold purchases by a central bank in decades, leading a resurgence in government support for gold as a symbol of financial strength and stability.
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The central European nation recently tripled its gold reserve, adding more than 60 metric tons to boost its holdings to 94.5 tons. A metric ton is 1,000 kilograms. The purchase is the largest since June of 2019 when Poland added nearly 95 tons, according to World Gold Council data.
In making the announcement, Hungary’s central bank called gold, “one of the most crucial assets worldwide.” The bank added, “The appearance of global spikes in government debts or inflation concerns further increase the importance of gold in national strategy as a safe-haven asset and as a store of value.”
Central banks were net sellers of gold in the third quarter of 2020, when some nations chose to cash in as the precious metal traded near record highs.
But central bankers are once again amassing stockpiles, according to the World Gold Council. India purchased more than 11 tons of gold in February. Serbia is also adding to its gold reserves. And Polish Central Bank Governor Adam Glapinski said in March his nation has plans to purchase at least 100 tons of gold in the next few years as a sign of economic strength.
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