Poland Raises Gold Holdings to Record High in September – IMF

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“While the exchange-traded funds (ETFs) were losing tonnage, the central banks were buying since they had to maintain domestic currency values against a rising dollar,” said George Gero, managing director at RBC Wealth Management.

“I think you will see that continuing. Central banks are trying to maintain some hold on their currencies by storing gold.”

Holdings of SPDR Gold, the largest gold-backed ETF, have registered declines of more than 4 million ounces since hitting a peak in late April as investors have preferred the safety of the U.S. dollar against a backdrop of rising interest rates and as a U.S.-China trade tussle unfolds.

The trade dispute and rising dollar have in turn weighed on emerging markets, with the Polish zloty declining more than 6 percent this year.