The World Gold Council said today, Wednesday, that central banks sold more gold in August than they bought, ending a year and a half of monthly increase in gold purchases, which contributed to stopping the rapid rise in the price of the yellow metal.
Gold rose from just above $ 1,500 at the start of 2019 to a record high of $ 2,072.50 in early August and then down to around $ 1,900.
Investors in Europe and North America pushed prices up and raised gold in hopes that it would retain its value during the Corona crisis.
But demand from major consumers such as jewelers and central banks has been weak, sparking concerns about a continuing rally.
The Gold Council said that central banks, which collectively hold 35,000 tons of gold worth about $ 2 trillion, sold 12.3 tons more than they bought in August.
Central banks bought 656 tons of gold in 2018, the highest number in half a century. Last year, purchases amounted to 650 tons.
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