This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-13281716
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Mexico buys 90 tonnes of gold | Mexico buys 90 tonnes of gold |
(about 2 hours later) | |
Mexico's central bank bought more than 90 tonnes of gold between January and March, according to figures from the International Monetary Fund (IMF). | Mexico's central bank bought more than 90 tonnes of gold between January and March, according to figures from the International Monetary Fund (IMF). |
The World Gold Council has said it expects central banks in emerging markets to be the biggest buyers of gold, with its price near record highs. | The World Gold Council has said it expects central banks in emerging markets to be the biggest buyers of gold, with its price near record highs. |
Banks are seeking to diversify their reserves out of US dollars. | Banks are seeking to diversify their reserves out of US dollars. |
Mexico now owns 100.15 tonnes of gold, data on the IMF website showed. At the end of January it held 6.84 tonnes. | Mexico now owns 100.15 tonnes of gold, data on the IMF website showed. At the end of January it held 6.84 tonnes. |
Mexico's purchase is equivalent to about 3.5% of annual mined output. | Mexico's purchase is equivalent to about 3.5% of annual mined output. |
The country now owns $4.93bn (£2.98bn) worth of gold, which hit a record price of $1,575.79 an ounce on Monday. | The country now owns $4.93bn (£2.98bn) worth of gold, which hit a record price of $1,575.79 an ounce on Monday. |
It takes Mexico to 33rd place on the list of the world's top gold holders. | It takes Mexico to 33rd place on the list of the world's top gold holders. |
"Mexico seems to be following the trend established by several other central banks recently and is moving toward restoring a prior balance between gold and currency reserves," said George Milling-Stanley from the World Gold Council. | |
India recently bought 200 tonnes of gold from the IMF. | |
The latest IMF figures also show that Russia bought 18.8 tonnes and Thailand 9.3 tonnes, the World Gold Council said. | |
The US is the largest official holder of gold, with 8,133 tonnes. | The US is the largest official holder of gold, with 8,133 tonnes. |
China is the sixth largest holder, with 1,054.1 tonnes. | China is the sixth largest holder, with 1,054.1 tonnes. |
Gold is seen as a haven, attracting investors in times of uncertainty. | Gold is seen as a haven, attracting investors in times of uncertainty. |
Its price has risen 11% so far this year, thanks largely to the decline in the value of the US dollar against a basket of currencies, as well as concern over the debt crisis in Europe and instability in the Middle East. | Its price has risen 11% so far this year, thanks largely to the decline in the value of the US dollar against a basket of currencies, as well as concern over the debt crisis in Europe and instability in the Middle East. |
Previous version
1
Next version