Posted February 03, 2018 12:20:42 Australia is likely to increase its gold reserves in an effort to bolster the country’s economy as a gold-backed currency is widely seen as a critical factor in its economy.
The country’s gold reserves rose to $US7.5 billion ($9.2 billion) on Thursday from $US4.2bn ($5.5bn) a day earlier.
Gold is the countrys main asset, and it accounts for about 70 per cent of Australia’s economic output.
The Reserve Bank of Australia said in a statement that it was taking measures to support the economy in a downturn, and that it expected the Government to announce additional measures within the next few weeks.
“We expect the Government will make announcements on measures to increase gold reserves,” the RBA said in the statement.
Gold prices rose in Sydney, Melbourne and Perth, while the Chinese yuan rose to a record high against the Australian dollar.
The RBA, which has kept a lid on its interest rate, said it would not raise rates again until it had “significant” gold reserves to boost its economy through measures such as investment and infrastructure projects.
Gold could become the gold standard of global assets The gold market has seen a dramatic surge in recent months.
The value of gold has risen by over $US100,000 since the start of 2018.
In recent weeks, gold has seen its value hit a record, and gold futures hit a four-month high on Friday.
This was driven by strong demand in Asia and a strong global economy.
Gold was the third-most valuable commodity on the S&P 500, according to Bloomberg.
“The market has been moving up for quite some time and now there is this surge in gold,” Dr Scott Gee, chief executive officer of mining and commodities at the Reserve Bank, told ABC radio on Friday morning.
Dr Gee said gold prices could continue to rise in the future, but that the RBC would not be raising rates until it has sufficient gold reserves. “
So, I think the market is reacting in a way that is a little bit of a shock, but not a huge shock, because there is a lot of demand for gold.”
Dr Gee said gold prices could continue to rise in the future, but that the RBC would not be raising rates until it has sufficient gold reserves.
“It is important to remember that this is a temporary rally and it is very temporary.
So, we will have to see what the market does in the months ahead,” he said.
“And we will certainly be making a decision about whether we will be raising our rate again in the coming weeks.”
Gold is now the fourth-most important commodity in the world behind oil, silver and copper.
In a statement, the RBE said it had seen a “significant increase in the gold supply” in recent weeks.
It said gold demand had increased by about $US2.5 trillion, which was mainly due to China and the US.
It added that gold’s “strong supply” meant “gold’s price had also increased considerably”.
The RBE’s statement said it did not expect gold prices to increase in any significant way.
“Our view is that the global demand for the precious metal has remained fairly strong over the past few months and that is the main reason why we have remained relatively supportive of gold,” it said.