Mexican central bank buys 100 tonnes of gold

Mexican central bank buys 100 tonnes of gold The central bank of Mexico bought nearly 100 tonnes of gold in February and March, the latest emerging market country to turn to bullion as a means of diversifying away from the faltering dollar.

The purchase, reported on the Bank of Mexico’s website in the International Monetary Fund’s statistics on international reserves, is one of the largest gold purchases by a central bank in recent history. The gold, worth $4.6bn at current prices, is equivalent to about 3.5 per cent of annual mined output.

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