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Bangladesh spends $403 million on gold bullion

10-Sep-2010 Gold and silver have gradually eked out gains in Asia and European trade after yesterday's slight sell off. The central bank of Bangladesh's purchase of 10 metric tonnes of gold from the IMF (worth some $403 million) is supporting gold as it reminds market participants that central banks are set to be net buyers of gold this year rather than net sellers. This is a monumental shift in terms of the supply and demand dynamics in the gold market and is bullish. Asian central banks worried about their large dollar and euro holdings look set to put a floor under the market and will be buyers on dips in the price.


Source: GoldCorp 10.9.10
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