Last Updated : 24 April 2012 at 18:40 IST
Central bank buying helps explain why Gold hold above $1,600 in March: UBS
Source :Commodity Online
The most recent data show that central banks were on a “gold-buying spree” in March, helping explain why prices stopped just above $1,600 an ounce during a pullback, said UBS in a commodity briefing.
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LONDON (Commodity Online): The most recent data show that central banks were on a “gold-buying spree” in March, helping explain why prices stopped just above $1,600 an ounce during a pullback, said UBS in a commodity briefing.
Bloomberg reports that data on the International Monetary Fund’s Web site show that Mexico with 16.8 metric tons last month, while Russia added 16.5 tons. Turkey, Kazakhstan, Ukraine, Tajikistan and Belarus also raised gold reserves, Bloomberg reports.
“Today's data certainly helps explain why the $1,600 floor held in March, despite all the indicators that suggested a break of this level was very likely,” UBS added.
“And given that there is consistently a lag in reporting central-bank gold activity, we suspect that reserve managers' activity in March was greater than what today's IMF release confirms,” the bank continued.
The bank describes the data as gold-supportive but perhaps already factored into prices.
“There was a lot of chatter in the market about central banks’ activity in Q1 and so it was very much expected that the IMF data would confirm at least some of this buying. So today we get the confirmation,” UBS concluded.
