In August of this year, Russia increased its gold reserves for the fifth month in a row, and Kazakhstan raised its reserves by more than half a million ounces, according to data from the International Monetary Fund.
Russia, the fifth largest holder of gold bullion, added 232.510206 ounces of gold in August, bringing the total to 35,769,000 ounces, according to the IMF. Kazakhstan increased its gold reserves in August by 795.21655 ounces to 5,848,000 ounces. At the same time, Turkey and Azerbaijan are also among the countries that have added to their possessions.
At the same time, the market took the news as a sign that Russian state reserves are not as depleted as previously thought. Investor interest in gold remained weak. The World Stock Exchange said inventories fell 1.2 tons to 773.45 tons this week, the lowest since December 2008.
Meanwhile, attacks on militants in Syria led by the United States on Tuesday failed to stimulate demand for gold. The strong US dollar will continue to weigh on the commodity sector, making gold and silver unattractive for investment, according to Dominik Schneider, chief executive at UBS Wealth Management.
Gold fell on Wednesday as the dollar rallied to levels unseen in four years, but investors remain cautious ahead of the release of US economic data.
Russia increases gold reserves for 5th consecutive month - IMF
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Azovpromstal® 25 September 2014 г. 10:26 |
