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Gold declines on strong US$, robust stock markets

Analysts also cite central banks offloading the metal as another reason for the price fall, saying Venezuela, Iran and Libya were key sellers

In February 2015, Venezuela's gold reserves amounted to 363 tonnes. By July 2016, these had fallen to 194 tonnes and were down to 161 tonnes in March this year.


THE price of gold declined to a five-month low of US$1,268 an ounce last week, and even though the price recovered slightly to reach US$1,278 last Friday, the majority of analysts are still nervous.

They blame a strong US dollar and relatively strong global stock markets for...

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