Gold investors hope for new central bank accord

- Central Banking staff
- 09 Dec 2003

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Since 1999 the gold price has soared by more than 39 per cent even as European central banks have sold more than 1 594 tons of bullion from their reserves. But what those central banks do next could determine where gold goes from here.

Source: Bloomberg

Last Tuesday gold for February delivery rose to $407 an ounce in New York, the highest level for similar contracts since February 1996.

While investors have been buying gold lately to hedge against the risk of accelerating inflation, European

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