Tuesday, May 28, 2013

Russia, Kazakhstan and Azerbaijan Boost Gold Holdings

The International Monetary Fund on Monday issued its monthly gold-buying report, which represents the activities of almost all central banks, showing the three former Soviet republics increased their holdings by a cumulative 75% more in April than they did in March, reports MarketWatch.

Altogether, the IMF data shows central bank holdings rose 972,000 ounces last month.

The data show Russia bought 269,000 troy ounces last month, taking its reserves to 31.8 million ounces. Kazakhstan added 85,000 ounces, bringing its stocks to 4 million ounces. The Republic of Azerbaijan bought 32,000 ounces, increasing its reserves to 129,000 ounces.

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