Central banks buying up gold to diversify away from US dollar

RT reports:

The demand for gold has renewed worldwide with the price for the precious metal climbing to nearly $1300 per ounce for the first time in 15 months. The rally has been led by the world's central banks loading up on gold to diversify from the US dollar.

Russia has been the most active buyer in the bullion market. The country has purchased 46 tons of the yellow metal this year, while China comes second with 35 tons.

Can you blame them?