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China, Russia Exceptions as Global Central Banks Slowed Gold Purchases in February

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Central banks slowed their gold purchases in February, snapping up 25 tons of the yellow metal against a combined 41 ton purchase in January, data from the World Gold Council showed.

The purchases were also outweighed by monthly sales by certain banks, pushing collective gold holdings of global central banks to decline by 16 tons on a net basis in February, the first decline since January 2015, noted London-based Capital Economics in a note.

Most of the purchases were by China and Russia, who added 10 and 11 tons of the precious metal to their holdings, respectively, after a sharp run-up in purchases over the last ten years.

CNBC

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam

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