By Allen Sykora
April 25, 2012
Commerzbank looks for central banks to remain net gold buyers this year, as was reflected by March data from the International Monetary Fund released on Tuesday. Central banks from emerging economies were once again buyers in March, led by Mexico with 16.8 tons of purchases. “The central banks of the emerging economies, above all China (though China does not publish any data on this), are likely to remain on the buyer side as the year progresses, the so-called ‘official sector’ thus acting as an important crutch for the gold price in the medium to long term,” Commerzbank says. Analysts cite data from the World Gold Council showing that central banks bought 439.7 tons of gold on balance last year, adding that they expect purchases on a similar scale this year.