These days it is not dollars that emerging countries feel they have to hold. They want gold, and plenty of it. Since the first quarter of 2015 central banks in China, Russia, India and Turkey have boosted their gold holdings by two-thirds to 4,960 tons. 

Diplomatic and trade rows with the US explain some of this buying. There is a move to avoid buying dollars for their foreign exchange reserves. Other gold bulls will have different reasons to buy the shiny metal.

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