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BIS Says Gold Held in Swap Contracts Rose 18% as of March 31

The Bank for International Settlements held 409 metric tons of bullion related to gold swaps contracts as of March 31, up 18 percent from a year earlier.

The BIS held 346 tons of gold in connection with swap operations through March 31 last year, the Basel, Switzerland-based bank said in its annual report today. Under swap contracts, the bank exchanges currencies for physical gold, which it must return at the end of the contract.