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Central bankers get tired of gold as lower exports cut cash


The biggest owners of gold are tiring of the metal. Central banks - holders of about 32,900 metric tons of bullion - cut their purchases by 40 per cent during the three months through June, compared with the same period a year earlier, to the lowest since 2011, World Gold Council figures compiled by Bloomberg show. It was the third-straight quarterly drop, the longest such streak in at least five years. Buying declined in 2016 as prices were rallying for their biggest first-half gain in 40 years. Central banks in emerging-market nations have been adding less gold as the amount of cash they ...

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First Published: Wed, August 31 2016. 00:13 IST