Central banks are ditching the dollar for gold

Trade in gold is widely authorised and regulated in many markets unlike cryptocurrencies such as Bitcoin.

LONDON: First-quarter gold purchases by central banks, led by Russia and China, were the highest in six years as countries diversify their assets away from the US dollar.

Global gold reserves rose 145.5 tonnes in the first quarter, a 68% increase from a year earlier, the World Gold Council said in a report. Russia remains the largest buyer as the nation reduces its US Treasury holdings as part of a de-dollarisation drive.