Central banks unload gold as virus bites

Central banks became gold sellers for the first time since 2010 as some producing nations exploited near-record prices to soften the blow from the coronavirus pandemic.

Net sales totalled 12.1 tonnes of bullion in the third quarter, compared with purchases of 141.9 tonnes a year earlier, the World Gold Council said.

Selling was driven by Uzbekistan and Turkey, while Russia’s central bank also posted its first quarterly sale in 13 years.

While inflows into exchange-traded funds have driven gold’s advance in 2020, buying by central banks has helped underpin bullion in recent years.

Citigroup Inc last month…