Central banks just love gold and it's going to stay that way amid slowdown

Central banks added 374.1 tonnes in the first six months, helping push total bullion demand to a three-year high, according to the World Gold Council

A major gold-buying spree by central banks is likely to persist in the coming years, according to Australia & New Zealand Banking Group Ltd, which flagged the potential for further purchases by nations including China.

“In the current environment, where uncertainty in emerging-market currencies is high, we see good reason for countries like Russia, Turkey, Kazakhstan and China to continue to diversify their portfolios,” ANZ said in a note on Tuesday. Net buying by the sector is likely to stay above 650 tonnes, it said. 

Central-bank accumulation of bullion has emerged as a increasingly important trend in the global market, offering additional