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Less buying and dull sentiment dim gold demand (2)

By Hu Xiaocen (Shanghai Daily)

09:07, November 16, 2012

Gold is set for a 12th straight annual gain and investors boosted holdings in bullion-backed exchange-traded products to a record as central banks from the US to Asia took steps to bolster economies hurt by Europe's debt crisis.

Central banks are expanding gold reserves, with nations from Russia to South Korea adding to holdings this year. The banks bought 97.6 tons in the quarter, compared with 140.8 tons a year earlier, the council said.

That took buying so far this year to 373.9 tons and full-year additions will probably be in the bottom end of 450 to 500 tons. The council said in August that nations may buy close to 500 tons in 2012.

【1】 【2】


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