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Reserve bank gold demand has been gradually declining with 2020, with July internet purchases falling to their lowest level considering that December 2018. Nonetheless, the World Gold Council stated this sector stays a vital column of support for the gold market.
WGC stated that forex get data from the International Monetary Fund reveals that central banks jointly got 8.2 tonnes of gold in July. Thus far, in 2020, central banks have actually purchased simply over 200 tonnes of gold.
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Central bank gold demand has slowed but hasn’t disappeared – WGC
Central bank gold demand has been slowly declining through 2020, with July net purchases falling to their lowest level since December 2018. However, the World Gold Council said this sector remains an essential pillar of support for the gold market.
WGC said that foreign exchange reserve data from the International Monetary Fund shows that central banks collectively bought 8.2 tonnes of gold in July. So far, in 2020, central banks have bought just over 200 tonnes of gold.
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