WASHINGTON(BullionStreet): Russia and Kazakhstan are among nations that boost gold reserves during the last two months of 2012 while Iraq cut it’s holdings by 25 percent.

According to International Monetary Fund (IMF) Iraq has cut its gold holdings by a quarter to 29.9 tonnes in November.

The IMF in it's monthly statistics report said Russia added 19.9 tonnes to raise its gold reserves to 957.8 tonnes (30.793 million ounces, propelling the country up two places to sixth in the world gold-holding rankings.

Russia has world’s 6th largest gold holding. IMF has revised Iraq’s additions in September and October.

Kazakhstan gold reserves rose 1.7 percent in December to 3.707 million ounces while Turkey raised its hoard by 45.6 tonnes to 359.6 tonnes.

In November, South Korea upped its gold holdings by 13.9 tonnes to 84.4 tonnes.

Philippines gold reserves fell 1 percent in November from October while Mexico’s holdings were down 0.1 percent in December to 4.004 million ounces.