Central banks cut gold purchases by a third, as consumers pick up slack

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Gold purchases by central banks last year were just two thirds of their 2012 level, despite a 15% fall in the price of the metal precipitated by significant sell-offs by exchange-traded funds, leading to a drop in global demand despite strong growth in consumer demand.

The World Gold Council (WGC), which published the figures today, said central banks "continued to be strong buyers of gold", with net purchases in all four quarters of last year coming to a total of 369 tonnes – almost one tenth o

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