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Central banks buy more gold, China leading the way
While the gold price falters after a short period of dramatic weakness, it seems the central banks have a different view of the yellow metal’s value. The World Gold Council (WGC) reports that, in August, central banks bought 77 tonnes, 38% more than in July. China, Poland and Turkey headed the list of buyers. Just as importantly for the metal’s outlook, no significant gold sales were made that month, unlike the situation in the middle of the year. In April and May, 96 tonnes of gold were sold by central banks. WGC expects strong fourth quarter: In the past three months gold purchases totalled 219 tonnes and the ... (full story)