INSUBCONTINENT EXCLUSIVE:
Central banks bought a record amount of gold last quarter as they diversified foreign-currency reserves, with a large chunk of the purchases
coming from as-yet unknown buyers.
Almost 400 tons were scooped up by central banks in the third quarter, more than quadruple the amount a
year earlier, according to the World Gold Council
That takes the total so far this year to the highest since 1967, when the dollar was still backed by the metal.
Bullion prices have been
pressured this year by aggressive US interest-rate hikes as the Federal Reserve tackles soaring inflation, which have prompted
exchange-traded fund investors to sell the non-yielding asset
But support has come from other areas, such as retail buyers in Asia and central banks.
Central banks including Turkey and Qatar were among
Not all countries report their gold purchases regularly, including major ones like China and Russia.
Not all official institutions publicly
over-the-counter demand offset strong retail buying.
Despite the strong demand, bullion prices are mostly reliant on external factors such
as macroeconomic sentiment and the direction of the dollar, said Gnanasekar Thiagarajan, director at Commtrendz Risk Management Services
$1,637.73 an ounce as of 12:48 p.m
in Singapore, after finishing 0.7% down on Monday
The Bloomberg Dollar Spot Index declined 0.3%
Silver, palladium and platinum gained.
