El Salvador joins the gold buying spree, increases gold reserves for the first time since 1990

BlockBeats News, on September 8, the Central Bank of El Salvador announced on September 5 the purchase of 13,999 ounces of gold, valued at 50 million US dollars. This increase raised its gold reserves from 44,106 ounces to 58,105 ounces, with a valuation of 207.4 million US dollars.

El Salvador stated that the gold purchase is part of the country's international reserve diversification strategy. The central bank believes in gold and regards it as a global strategic asset. Previously, El Salvador had been focusing on increasing its bitcoin holdings. (Golden Ten Data)