Central Banks ‘Scoop Up a Load’ of Gold in Bumpy First Quarter

Central banks added gold holdings at the fastest pace in more than a year in the first quarter, as a slump in prices encouraged a wave of buying that more than offset sales by a handful of institutions.

Net official-sector purchases totaled 244 tons in the three months, up from 208 tons in the previous quarter, according to estimates from the World Gold Council, an industry body. Poland, Uzbekistan and China were the largest reported buyers, although some other purchases were undeclared.