Russia and China’s desire to ditch the dollar is fueling the price of gold, according to the Bank of France.

In a new report, the central bank notes the price of the precious metal has risen to new all-time highs despite global outflows in gold exchange-traded funds (ETFs) and risk aversion on the financial markets amid the Fed’s tight monetary policy over the last two years.

Citing data from the World Gold Council (WGC), the bank says demand for gold has been led by Russia and China, citing “diversification away from dollar-denominated assets, either for macroeconomic or geopolitical reasons (‘dedollarisation’)” as a bullish factor boosting the price.

“Although the dollar remains the dominant currency, its share in central bank reserves has fallen to 59%, a 25-year low (IMF).

Overall, demand for gold from central banks has doubled over the last two years (from 30 March 2021 to 30 March 2023) compared with previous years, which has had a major impact on the price. 

The bank adds that Chinese and Indian retail investors are also pushing the value of gold to fresh record highs.

“Moreover, since 2024, Chinese and Indian households have significantly increased their investment in gold excluding jewelry (by an additional 68% and 19%, respectively, between Q1 2023 and Q1 2024, according to WGC data), apparently to diversify their investments in the face of sharply declining property and equity markets in China and increased savings capacity in India.” 

Gold has jumped from its 2022 low of $1,614 per ounce to an all-time high of $2,685 this month – an increase of 66%. At time of writing, gold is trading at $2,658.

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A data breach at Wells Fargo is affecting an unknown number of the banking giant’s customers.

A new filing with the Office of the Vermont Attorney General shows the lender is warning customers that an insider at the bank has accessed and used their information to perpetrate fraud.

The San Francisco, California-based bank has not issued a public statement, but a copy of a letter sent to customers says the bank confirmed in July that a former employee had accessed sensitive data for illicit purposes.

The bank began sending out notices last month.

“The personal information accessed between May 2022 and March 2023 may have included your name, address, date of birth, phone number, email address, social security number, driver’s license number, bank account number(s), credit/debit card number(s), brokerage account number(s), and/or loan/line of credit number(s)…

We are taking measures to monitor your account(s) for suspicious events or changes and continually review our security measures to reduce the likelihood of this happening in the future.”

A similar breach affected Wells Fargo customers in April.

At the time, Wells Fargo notified its customers that another former employee had accessed sensitive personal information and mortgage account numbers belonging to customers and sent the data to his personal account.

The April data breach triggered at least one law firm to initiate investigations into the incident with a view of potentially filing a class action lawsuit.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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