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Central banks’ summer of buying continues into October
Central banks’ gold buying slowed in October but did nothing to alter the overall trend of robust buying that has captured the attention of gold investors. Reported global net purchases totalled 42 tonnes (t) during the month, 41% lower than September’s revised total of 72t, but still 23% above the January-September monthly average of 34t. Country-level activity followed a familiar theme: a small number of banks accounting for the global total. The People’s Bank of China remained the largest purchaser, reporting the addition of 23t of gold to its reserves – the twelfth consecutive monthly addition. This ... (full story)