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Written by
Issac John
- Khaleej Times
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Friday, February 17, 2012
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Global gold demand hit a 14-year high in 2011 on a surge in investment, buying in China, and record central bank purchases, according to the World Gold Council, or WGC.
Global demand for gold rose to 4,067.1 tonnes worth an estimated $205.5 billion last year — the first time that global demand has exceeded $200 billion and the highest tonnage level since 1997, the WGC said in its quarterly Gold Demand Trends.
Last year, the gold price hit a record $1,920.30 an ounce and swung between this peak and troughs just above $1,300 an ounce, making 2011 a year of almost unprecedented volatility and this year it has risen 10 per cent to around $1,730.
Despite such unpredictability, central banks were avid buyers of gold, with 439.7 tonnes’ worth of purchases in 2011, more metal than at any time since the end of the gold standard in 1971, compared with 77 tonnes in 2010, the WGC said.
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