Central Banks' Gold Purchases Come Up Short at Year-Start

Central banks have been buying gold at a slower pace than previously thought, according to a report from the World Gold Council.

The industry group revealed on Thursday that central banks purchased only 57 tons of gold in the first quarter of this year, which is significantly less than the initial estimate of 244 tons. This means the overall pace of purchasing this year is likely to fall below last year's levels.

This slow start has surprised many in the industry, as demand for gold had been expected to remain strong at the beginning of the year.