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Central bank buying helps explain why Gold hold above $1,600 in March: UBS

Posted on 25 April 2012

The most recent data show that central banks were on a “gold-buying spree” in March, helping explain why prices stopped just above $1,600 an ounce during a pullback, said UBS in a commodity briefing.

Bloomberg reports that data on the International Monetary Fund’s Web site show that Mexico with 16.8 metric tons last month, while Russia added 16.5 tons. Turkey, Kazakhstan, Ukraine, Tajikistan and Belarus also raised gold reserves, Bloomberg reports………………………………………..Full Article: Source


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