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Only 3 countries have been building up their gold reserves this year (GLD, GLX)

Central banks are among the largest buyers of gold, but they've retreated from the market in 2016. Only Russia, China and Kazakhstan have increased their gold reserves so far this year, according to Citi Analyst Nell Agate. In a note on Tuesday, Agate and his team said they expect central-bank purchases to remain muted. "While negative real interest rates and low sovereign bond yields across several key currencies and countries may encourage inflows into gold, particularly as there are limited alternatives for safe-haven / reserve assets, we expect to see reserve holdings maintain current trends," Agate wrote.
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