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Mar 08, 2018

NBH returns Hungary's 100,000 ounces of gold reserves to Budapest from London

The National Bank of Hungary (NBH) confirmed that the three tons of gold has a market value of 130 million USD

The National Bank of Hungary has returned the country’s 100,000 ounces of gold reserves to Budapest from London.

The central bank decided to bring home the gold so that it could further strengthen market confidence in Hungary.

The National Bank of Hungary (NBH) confirmed that the three tons of gold has a market value of 130 million USD.

The NBH noted that some central banks in Europe, such as those in the Netherlands, Germany and Austria, had also decided to take home most of their gold reserves.

Another reason for keeping the gold on home soil is to ensure their safety in case of a potential geopolitical crisis.