Central banks are set to become net buyers of gold this year for the first time since 1998, according to GFMS, the metals consultancy.
This reverses the trend of the past decade when central banks, particularly in Europe, reduced their holdings. Central banks have been net sellers of gold in only seven year since the ending of the Bretton Woods exchange rate agreement in 1971.
GFMS said the switch took place in the second quarter and would continue in the second half. Net official sales are forecast to drop 93 per cent this year to less than 20 tonnes, the lowest level since 1988.
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