Germans hold onto gold during pandemic

Germans have been hoarding their gold during the uncertain times of the coronavirus pandemic, according to a recent survey, cited by dpa.

According to research by the private Steinbeis University in Berlin commissioned by the Reisebank.Private, citizens hold about 9,089 tons of gold, mostly in the form of bars and coins,  This was about 269 tons more than in the last study in 2019, and the largest amount recorded.

About 3,900 tons of gold is held in the form of jewellery, indicated the research, which was based on a survey of 2,000 representative adults in Germany.

By comparison, Germany's central bank holds 3,362 tons in its vaults.

Gold is still seen as a safe haven in uncertain times, said Jens Kleine from the Steinbeis Research Center for Financial Services.

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