Azerbaijan pivots to green power with $2.7 bn plan to export wind and solar to Europe
Azerbaijan intends to bring ten wind and solar plants online by 2027 and channel about $2.7 billion into clean-energy projects, lifting renewables to ...
Central banks around the world expect their gold holdings as a proportion of their reserves to increase over the next five years while expecting their dollar reserves to be lower, a survey by the World Gold Council (WGC) showed.
Gold demand from central banks has risen significantly over the past three years despite its price rally to consecutive records. It hit an all-time high of $3,500.05 an ounce in April, up 95% since February 2022 when Russia invaded Ukraine.
Seventy three central banks responded to WGC's survey, carried out between 25 February and 20 May, and 76% of these expect their gold holdings to be higher in five years compared with 69% last year.
Nearly three-quarters of respondents expected central banks' dollar-denominated reserves to be lower in five years compared with 62% last year.
"Gold’s performance during times of crisis, portfolio diversification and inflation hedging are some key themes driving plans to accumulate more gold over the coming year," WGC said in a release.
Central banks have accumulated more than 1,000 metric tons of gold in each of the last three years, WGC said, adding that this represented a significant rise from the 400-500 ton average in the preceding decade.
"This marked acceleration in the pace of accumulation has occurred against a backdrop of geopolitical and economic uncertainty," WGC said.
A record 95% of respondents think central bank gold reserves will increase over the next 12 months, up from 81% last year, according to WGC's survey, which also showed the Bank of England remains the most popular location for their gold reserves.
Potential trade conflicts and tariffs were cited by 59% of central banks in the survey as relevant to the management of their reserves, the survey showed.
"A larger percentage of these came from emerging markets and developing economies - 69% - than advanced economy respondents - 40%", the council said.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
Archaeologists have uncovered a 3,500-year-old city in northern Peru that likely served as a key trade hub connecting ancient coastal, Andean, and Amazonian cultures.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
On July 4, Azerbaijani President Ilham Aliyev met with Turkish President Recep Tayyip Erdoğan in Khankendi, reaffirming the deep-rooted alliance between the two nations.
Azerbaijan Railways CJSC signed a Memorandum of Understanding with the Chinese company 'Xi'an Free Trade Port Construction and Operation' and has opened its representative office and container terminal in the Xi'an International Port.
The UK and Japan have signed a Memorandum of Cooperation (MoC) aimed at enabling increased UK investment into Japan, further strengthening the economic ties between the two nations.
German inflation eased to 2.0% in June, the federal statistics office said on Thursday, confirming preliminary data.
Nvidia has made history as the first publicly traded company to surpass a $4 trillion market value, driven by an AI-fuelled investor boom.
Oil prices climbed on Wednesday, maintaining their highest levels since 23 June, lifted by recent attacks on shipping in the Red Sea, along with concerns over steep U.S. tariffs on copper and a forecast for lower U.S. oil production.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment