Central-bank gold buying likely to remain intact in 2019
NEW YORK (Scrap Register): Central-bank gold buying continues but at a slower pace, said Standard Chartered. Central banks bought 651.5 tons of gold last year, more than in half a century, according to the World Gold Council.
However, said Standard Chartered, this buying has let up in early 2019. Analysts note that Russia reported buying of 6.2 tons in January, its lowest monthly purchase since December 2006 and less than one-third of its monthly average buying of 23 tons in 2018.
Kazakhstan’s January purchase fell to 2.8 tons from 5 tons in December and a monthly average of 4 tons in 2018.
However, Colombia reported purchases of 5.4t in January, having last added to reserves in February 2018 at a more modest pace of just over 1ton. Standard Chartered expects Central-bank gold buying to remain intact this year.