The gold rush

Global central banks' purchases are pushing up prices

Gold is back in vogue once again, with purchases made by global central banks pushing up prices to a five-year high. Five years ago, the world was going through a rough patch on account of the US Federal Reserve’s taper tantrum in 2013, which saw gold prices fall from $1,500 an ounce to as low as $1,072 in 2015, to subsequently recover some of the lost ground. In 2019, prices are already up 10 per cent in dollar terms at $1,407 an ounce. For investors, gold is a safe haven every time there is a crisis of confidence. The current