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German Gold Assets Drop 0.1% in October in First Cut Since June

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Nov. 22 (Bloomberg) -- Germany reduced gold holdings in October in the first decline since June, according to data from the International Monetary Fund.

The holdings, the largest after the U.S., fell 0.1 percent, or 3.4 metric tons, to 3,387 tons last month, the data show. The Bundesbank sells about six to seven tons each year to the finance ministry to mint commemorative coins, the central bank said last year. Bullion accounts for about 68.8 percent of the nation’s reserves, according to World Gold Council data.

Central banks turned net buyers in 2009 as countries sought to diversify their reserves. The producer-funded WGC predicts purchases will total 350 tons in 2013 from 534.6 tons last year, the most since 1964. Bullion is headed for the first annual drop since 2000 amid expectations that the Federal Reserve will start to pare stimulus as the U.S. economy recovers.

Gold for immediate delivery rose 0.2 percent to $1,245.18 an ounce at 10:13 a.m. in Singapore after touching $1,236.88 yesterday, the lowest since July 9. The metal entered a bear market in April and is 26 percent lower this year.

To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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