US Gold Reserves Worth Nearly $1 Trillion In Value After Gold Prices Hit Another Record High
Synopsis
The U.S. government holds its gold directly, while the Federal Reserve maintains gold certificates representing the Treasury’s holdings and credits dollars accordingly.
U.S. gold reserves reportedly hit nearly $1 trillion in value after gold prices hit a record high in early morning trade on Monday.
Gold prices hit an intra-day high of $3,831.34 an ounce in early morning trade, according to TradingView data. According to a Bloomberg report, this puts the government’s reserves – the value of which is based on the $42.22 per ounce price set by Congress in 1973 – at just over $11 billion. Adjusting the reserves’ value to today’s market prices would amount to nearly $990 billion.
Unlike many countries, the U.S. government holds its gold directly, while the Federal Reserve maintains gold certificates representing the Treasury’s holdings and credits dollars accordingly.
Get updates to this developing story <directly on Stocktwits.<
Read also: Why Cleveland Fed’s Beth Hammack Remains Worried About Inflation: ‘I’m Seeing It In The Services’
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.