THE central banks of emerging economies were Buying Gold last week, according to a Financial Times report.
Estimates suggest that the Bank for International Settlements, which has a history of Buying Gold on behalf of central banks, bought between four and six tonnes of gold last week .
Much of the gold buying was reported to be in response to the recent drop in Gold Prices, which have fallen sharply since the end of last month. Investment bank Credit Suisse last week cited aggressive central bank buying" seen on March 9.
Last year, central bank gold buying was at its highest level in nearly five decades, according to precious metals consultancy Thomson Reuters GFMS.
A paper published this week by academics in California suggests that central bank gold holdings are an indicator of "economic might", and concludes that "gold retains its unique stature of a 'safe haven' asset at times of global turbulence".
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