Said the British newspaper Financial Times, the decline in the price of gold in recent weeks encouraged the world’s central banks to buy the yellow metal.
She said that this activity in the market reflects the desire of central banks in emerging economies to buy gold even at a time when Western investors lose their desire to purchase larger quantities of metal.
The price of gold increased by 13.8% from the record reached in September / September last, a 1920 dollars per ounce, up to 1655.60 dollars last Friday.
The newspaper said, citing traders that Bank of International Settlements – which hold transactions on behalf of the central banks – bought large quantities of gold from the international market with the falling price.
The Bank purchases estimated to be between 4 and 6 tonnes a market value of between 250 and $ 300 million at current prices.
The newspaper pointed out that purchases of central banks is one of the most important reasons for the high price of gold as reserves by about 6% of the world’s reserves, but does not reveal only a few of the activities in this area.
The central banks in emerging economies such as Mexico, Russia and South Korea made the biggest purchases of gold in the four decades in the last year in order to diversify their investment portfolios.
The World Gold Council said China may have been one of the leading buyers at the end of last year.
The bank official said that other central banks in the world focused on buying gold after it suspended operations of the European central banks to sell.
The gold price fell in the past three weeks after the new operations were excluded to facilitate the quantitative pump funds by the U.S. Federal Reserve Board to support the economy, as investors turned to stocks as investments.
The gold price fell last week to the lowest level since mid-January after the Federal Reserve pointed to the potential for recovery of the U.S. economy.
He specializes in precious metals strategies Bank UBS Swiss Edel It seems to be following the market trends now gone away for safe havens such as gold, and began to focus on assets in developed markets.