'Heavy' gold purchases expected to continue in 2012

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The GFMS Gold Survey, launched on April 11, forecasted "heavy purchases" of gold by central banks in 2012, as emerging economies continue to diversify reserve holdings away from the US dollar.

The survey outlined the global gold market in 2011, and assessed market conditions for 2012. It said official sector sales were at a "trivial" level last year. Phillip Newman, research director at GFMS, said Germany had sold some of its gold in a "long planned" move. The Bundesbank confirmed that in

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