Thanks to the purchase of gold in the past years, Serbia has managed to secure 31.26 tons of this noble metal. Zoran Grubisic, a professor at the Belgrade Banking Academy, adds that gold always turns out to be a good keeper of value in turbulent times, especially during an economic crisis whose far-reaching consequences cannot be predicted.
Serbia has 31.26 tons of gold, which is an increase by 50% compared to the same period last year, whereas the total value of the gold in FX reserves of the National Bank of Serbia is EUR 1.58 billion at the moment, the NBS says for Tanjug.
– Gold is the safest harbor, or, if nothing else, a hedging instrument, which protects from numerous risks and contributes to a considerable diversification of the portfolio, that is, the total value of the assets – Grubisic explains for Tanjug.
This year, the average price of gold was USD 1,627 per fine ounce, and it ranged from around RSD 1,450 (in mid-March) to USD 1,765 (in mid-May), meaning that the price of gold increased by over 20% in two months alone.
In early October 2019, the NBS bought nine tons of top-quality gold in the international market. It hasn't sold gold since 2005.
The average price at which the gold was purchased abroad in October was USD 1,503.16 per fine ounce.
According to the latest data, the gold makes up around 11% of the state's total FX reserves.