(Reuters) – The Trump administration’s on once more, off once more method to tariffs have whipsawed international markets, prompting traders to hunt shelter in protected haven property comparable to gold.
On the similar time, the raging commerce conflict with China and the potential of a U.S. recession have spurred talks of abroad traders decreasing their greenback and U.S. debt positions – additionally thought-about conventional hedges towards market turmoil.
This is a take a look at main economies/central banks and their holdings of gold and Treasuries in current months:
GOLD
Sustained demand from central banks has created a dependable ground beneath gold costs, supporting bullion’s historic rallythis yr. [GOL/]
Spot gold costs surged as excessive as $3,500.05 per ounce on Tuesday, surpassing the $3,500/oz milestone for the primary time. [GOL/]
“With all of the geopolitical tensions, central banks do need to diversify away from the greenback and have one thing that will not be sanctioned … gold is a kind of asset lessons that would match the invoice,” Marex analyst Edward Meir mentioned.
The next is a desk of gold holdings of main central banks:
All figures are in tonnes.
December January February 2025
2024 2025
United States 8133.71 8131.98 8133.75
Germany 3351.63 3351.06 3351.79
Italy 2451.91 2451.91 2451.94
France 2437.08 2436.48 2437.01
Russia – – –
China 2279.13 2284.12 *2289.08
Switzerland 1039.97 1036.79 1040.12
India 876.20 878.81 879.00
Japan 846.00 846.00 846.03
Netherlands 612.47 612.31 612.44
* China’s central financial institution gold holding as of the top of March 2025 is 2292.38 tonnes.
Supply: Worldwide Financial Fund, Individuals’s Financial institution of China
TREASURIES
The 2 high homeowners of U.S. Treasuries – Japan and China – elevated their U.S. debt holdings in February, after they braced for U.S. President Donald Trump’s erratic commerce insurance policies.
Overseas holdings of U.S. Treasuries rose 3.4% to $8.817 trillion in February, knowledge from the Treasury Division confirmed.
“When you’ve gotten an extra sum of money, like all these entities do, it’s important to do one thing with that cash. And what they’d do was purchase debt, purchase Treasury,” mentioned Adam Sarhan, chief govt of fifty Park Investments.
“However when you’ve gotten a commerce conflict occurring, the dynamic adjustments. I can nearly assure you that knowledge may be a lot totally different.”
Following is a desk of main international holdings of U.S. Treasuries:
The figures beneath are in billions of U.S. {dollars}:
December January February
2024 2025 2025
Japan 1061.5 1079.3 1125.9
China, Mainland 759 760.8 784.3
United Kingdom 722.7 740.2 750.3
Canada 378.8 350.8 406.1
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