Central banks have been active buyers of bullion in recent years and are expected to purchase at least 400 tons of the yellow metal this year. Emerging markets central banks, including those in China and Russia, have been among the most active gold buyers.
“Central banks continued to be strong buyers, purchasing 119t in the quarter, the same volume as in Q1 2014. This was the 17th consecutive quarter that central banks have been net purchasers of gold as they continue to seek diversification away from the US dollar,” said the World Gold Council.
The first quarter was the 17th consecutive quarter in which global central banks have been net buyers of gold. [More Upside for Gold ETFs]
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ETF Trends editorial team contributed to this article. Tom Lydon’s clients owns shares of GLD.