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Gold climbs above $2000 as more sovereign buying seen ...Middle East
The US dollar is strong today but that hasn't halted the advance in gold. It's up $9.50 to $2005. Traders are eyeing last week's high of $2009 as short-term resistance.The World Gold Council today reported that central banks bought 800 tonnes in the first nine months of the year, up 14% y/y. Of that, 181 tonnes went to China. The rise this year comes despite a record high in buying the year before at 1081 tonnes.It's been rumored that China's central bank and its people have been big buyers of gold all year. The recent late-September dip in gold prices coincided with a Chinese holiday, adding to that belief.Other central banks that have been buying include Poland at 57 tonnes and Turkey with
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