Central bank gold buying hits new high

Gold trading

Central banks increased their gold purchases by 68% year-on-year during the first quarter of 2019, a report published by the World Gold Council (WGC) on May 2 says.

The data reinforces a trend of buying that began in 2010, when central banks recorded their first net gold purchases since 1988. Last year, net purchases were recorded at 651.5 tonnes, the highest level since the Nixon administration put an end to US dollar convertibility with gold in 1971.

In the first quarter of 2019, central

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