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Russia added 14.80 mt to gold reserves in April, same as March

Increase font size  Decrease font size Date:2016-05-24   Views:373
Russia added around 14.8 mt of gold to its reserves in April, the same as in March, according to Platts calculations based on data released by the central bank.

Additions for 2016 now total over 60 mt, with total holdings around 1,475 mt, according to the preliminary data.

Russia's central bank reports gold reserves initially in monetary value, before releasing the volume on the IMF website at a later date. Using the month-end London Bullion Market Association gold price, additions can be calculated.

The Russian bank was the world's largest central bank gold purchaser in 2015, and continues be the biggest buyer in 2016, ahead of China with 46 mt year-to-date.

The two countries have accounted for over 90% of central bank gold purchases since they stepped up efforts to diversify reserve assets last year.

Russia is the world's seventh-largest holder of gold reserves, according to the International Monetary Fund, behind the US, Germany, the IMF itself, Italy, France and China.

The London Bullion Market Association Gold Price settled at $1,250.40/oz Monday morning, down $3.80 from Thursday's close.
 
 
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