Wednesday, November 21st 04:06 PM IST

Brazil again raises Gold reserves by 17.10 tons

# IMF gold  # gold sales  # Turkey gold  # Brazil gold  

Brazil increased its gold reserves for the first time since December 2008 in September, raised by 1.7 tons to 35.3 tons.

BRASILIA(BullionStreet): Latin America's largest economy, Brazil significantly raised it's gold holdings in October by 17.10 tons, second month in succession.

According to an IMF report, the Latin American nation raised gold holdings by 17.170 tonnes to 52.518 tonnes.

Brazil increased its gold reserves for the first time since December 2008 in September, raised by 1.7 tons to 35.3 tons.

The IMF's monthly statistics report also showed that the euro area had lowered its gold holdings by 4.168 tonnes to 10,783.609 tonnes in October.

The euro area figures largely reflected Changes in Germany as it lowered holdings by 4.199 tonnes to 3,391.446 tonnes last month.

Meanwhile Kazakhstan raised its bullion reserves by 7.527 tonnes to 111.543 tonnes. Turkey raised gold holdings by 17.543 tonnes to 319.907 tonnes in October.

It also revised its September figures upwards by 6.843 tonnes to 302.361 tonnes, the data showed.

Turkey allows commercial banks to use gold as collateral for loans, and changes to its balance sheet are often connected to such activity.

In September, Turkey increased holdings increased 6.8 tons and Ukraine added 0.3 ton.

Russia's reserves fell by 2.2 tons, Belarus by 1.5 tons, Czech Republic by 0.3 ton and Kazakhstan by 0.4 ton.

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