El Salvador Increases Gold Reserves as Part of Diversification Strategy

According to BlockBeats, El Salvador's central bank announced on September 5 the purchase of 13,999 ounces of gold valued at $50 million. This acquisition raises the country's gold reserves from 44,106 ounces to 58,105 ounces, with a total valuation of $207.4 million. El Salvador stated that the gold purchase is part of its strategy to diversify international reserves. The central bank views gold as a global strategic asset. Previously, El Salvador had focused on increasing its Bitcoin holdings.