Central banks just love gold and it's going to stay that way

Bloomberg chart showing how gold prices have surged due to recent volatility caused by the US-China trade war.

SINGAPORE: A major gold-buying spree by central banks is likely to persist in the coming years, according to Australia & New Zealand Banking Group Ltd., which flagged the potential for further purchases by nations including China.

"In the current environment, where uncertainty in emerging-market currencies is high, we see good reason for countries like Russia, Turkey, Kazakhstan and China to continue to diversify their portfolios, ” ANZ said in a note on Tuesday.