Sri Lanka is taking a long-term view on Investing in Gold by increasing its reserves of the yellow metal, Lanka Business Online reports today (December 7th).
Last month, it was confirmed that the country's central bank had purchased ten tonnes of gold from the International Monetary Fund, taking its total holdings to 15 tonnes.
Governor Nivard Cabraal explained that the move was motivated by a number of positive factors for Gold Prices, such as strong demand in India and China.
"We are looking at a more long-term anchor, a five-year investment horizon for gold. You will see plenty of comfort," he told the news provider.
Some market commentators have expressed concern about gold after it suffered a pullback in recent days following positive job-loss data emerging from the US.
However, Hiroyuki Kikukawa, general manager of the market research department at Tokyo-based firm Nihon Unicom, explained last week that such dips are only pauses on an overall upward trend.
"Even when gold succumbs to cashing out, it faces renewed demand on the dips because of its safe-haven appeal against financial jitters," he told Reuters.
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