Central banks are major driver of gold prices, says GFMS

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Direct purchases of gold by central banks in addition to expected further monetary easing is having a significant impact on the price of gold, according to Philip Klapwijk, global head of metals analytics at Thomson Reuters GFMS.

Klapwijk made the comments on September 4 as he presented the results of Thomson Reuters GFMS Gold Survey Update for the second half of 2012. He added that central banks had made significantly more purchases of gold in 2011 and 2012, with a year-on-year increase in net

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