Gold prices have fallen precipitously since their recent highs of February 1996, largely because of central banks’ actions. Since 1996, many central banks—including those of Belgium, the Netherlands, the U.K., Australia, and Switzerland—have announced and undertaken sales from their gold reserves. Each announcement depressed the market price of gold.
Suggested citation: "Gold Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-01, pp. 18, 01.01.2000.