Krishan Gopaul, Market Intelligence Manager at World Gold Council comments, “Central banks’ monthly net purchases picked up in January and February following December’s five-month low. However, central bank gold demand has eased significantly, with net gold purchases down 44 per cent compared to strength of demand we saw in January and February 2019.

Looking ahead, what we do know is that recent market instability and uncertainty stemming from the COVID-19 pandemic will be at the forefront of central bankers’ minds, with a number of unprecedented interventions already proving this point. "Nonetheless, we will have to wait and see how this impacts their outlook in the coming months,” he added.