Russia Raises Gold Holdings for 4th Month in February

March 26, 2013 at 08:30

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The Russian Federation raised its gold reserve for a fourth straight month in February and Turkey added to its holdings for a third month, data from the International Monetary Fund showed on Tuesday.

Russia added 6.998 tonnes of gold to its reserve, which stood at 976.952 tonnes by the end of February, reinforcing its ranking of holding the world’s eighth largest official gold reserve.

“The continuous increase in gold holdings of central banks, especially those in developing countries, has been giving some support to gold, which is under pressure from the improving economic outlook,” said Li Ning, an analyst at Shanghai CIFCO Futures.

Gold, which has had a stellar bull run over the last 12 years, has shed more than 4 percent so far this year as indications that a global economic recovery is setting in has dented its safe-haven appeal.

Besides Russia and Turkey, Kazakhstan, Azerbaijan, Belarus, Kyrgyz Republic, Mongolia and Ukraine also bought gold for their official reserves in February.

Turkey added 5.574 tonnes to increase its gold reserve to 375.731 tonnes, much smaller than a 45.6 tonne addition in December and a 10.3 tonne increase in January, IMF data showed.

Kazakhstan boosted its gold holdings by 4.914 tonnes to 121.670 tonnes in February.

Indonesia increased gold holdings by a total of 2.799 tonnes in December and January to 75.894 tonnes.

France and Greece each added 0.031 tonnes to their gold reserves, while Czech Republic trimmed 0.218 tonnes and Canada 0.124 tonnes from their holdings respectively, the data showed.