China’s central bank was the biggest buyer, adding 195 tons of gold to its reserves, followed by Singapore’s central bank, which added 75 tons. Saxo Bank said that the record gold buying by central banks comes as inflation is rising around the world, and as geopolitical tensions are increasing. Maersk warns of global trade downturnDanish shipping and logistics group Maersk warned on Monday that it expects global trade to contract in the coming months. The FAO said that the increase in food prices was driven by higher prices for cereals, sugar, and vegetable oils. The FAO warned that the increase in food prices could have a negative impact on food security in developing countries.

Source: Daily News Egypt August 08, 2023 12:30 UTC