Philippine Central Bank Says Gold Buying Rose on Tax Exemption

Bangko Sentral ng Pilipinas’ gold purchases this year have already topped last year’s total volume, as small-scale miners and traders continued to sell to the monetary authority, Joseph Norbert David, director at the bank’s mint and refinery operations, says in a briefing.

• “BSP adopted an active stance in our trading, we registered gains in trading activities,” he says, refusing to give a number for this year’s gold buying and trading gains citing disclosure rules
• NOTE: BSP bought 115,801 troy ounces of panned gold in 2020, up 1,034% from the year previous following a law that exempts golds sales to the ...