According to the World Gold Council, global demand for gold will remain strong throughout 2011. The preeminent precious metals consultancy’s just-issued “Gold Demand Trends” stated the factors that boosted demand during the first three months of the year are predicted to support gold through the remainder of the year.

Central banks are buying more gold for their reserve allocations and “one off” purchases by governments can have a significant effect on the gold markets. The list of countries that have purchased gold since 2009 is large and growing. China, Russia, India, Saudi Arabia and Mexico have been the biggest buyers. Other gold-buying countries include Kazakhstan, Sri Lanka, Mauritius, Venezuela, Bolivia, the Philippines, Thailand and Bangladesh.

Congress and the White House have been given more time to reach a compromise on raising America’s debt limit. Treasury Secretary Timothy Geithner said the U.S. will have three weeks more than previously expected before hitting its borrowing limit. The U.S. can borrow until Aug. 2 after reaching the $14.29 trillion limit because of “stronger-than-expected tax receipts” and by taking “extraordinary measures” such as suspending the sale of bonds to finance state and local infrastructure projects, Geithner said in a letter to congressional leaders. He previously said the deadline would be July 8.