Mexico stocks up on gold bullion

Mexico has bought nearly 100 metric tonnes of gold since January, becoming the latest emerging market nation to turn to bullion as the dollar continues to falter. It had holdings of about 6.9 tonnes prior to its spending spree, data compiled by the International Monetary Fund shows. The purchase is worth about $4.6bn (£2.8bn) at current prices and is the equivalent to about 3.5 per cent of the world’s annual mined output. Central banks around the world have turned to gold to back their currencies, as more traditional asset classes struggle.