Central banks Gold purchase to hit 500 tons in 2012

Central banks across the globe purchased a whopping 373.9 tons of gold in the first nine months this year and expected to hit around 500 tons by the end of the year, according to World Gold Council.

LONDON(BullionStreet): Gold's march towards yet another yearly gain, 12th year in a row, is underlined by hectic purchase of the yellow metal by global central banks.

Gold is now considered a safe haven for central banks, which have booked losses from the continued depreciation of US dollars, which made up 60 per cent of global international reserves.

Central banks across the globe purchased a whopping 373.9 tons of gold in the first nine months this year and expected to hit around 500 tons by the end of the year, according to World Gold Council.

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