Central Bank Purchases of Gold

Central bank purchases of gold with government establishment by prices gold rally up more than six fold to 148.4 tonnes in the third quarter, the World Gold Council says.Central banks are on track to buy 450 tonnes of the precious metal this year, signalling about 100 tonnes will be bought in the 4 quarter, said Marcus Grubb, managing director of investment research at the council. The total for 2011 at 450 tonnes would be the most for any year since at least 1970, according to the latest available data from the council.