Investment in Gold Funds Reaches Record $3.2 Bln

According to recent reports, investments in gold funds from October 21 to October 27 hit a record high of $3.2 bln, marking the highest level since July 2020, as reported by Kommersant.

In the past five months, investors have channelled $18.3 bln into this precious metal.

Various factors, including market uncertainty and the potential return of Donald Trump to the U.S. presidency, drive interest in gold. If Trump were to return to the White House, he would be expected to raise import tariffs.

As of 16:06 Tashkent time, December futures were trading at $2,700 per ounce. The price of gold is rising amid tensions in the Middle East and the upcoming election in the United States.

Kursiv Uzbekistan also reports that Uzbekistan’s foreign exchange reserves reached $41.1 bln in the first nine months of 2024.