Thursday, April 25th 11:45 AM IST

Russia,Turkey add while Canada,Mexico cut Gold holdings

# IMF gold  # gold sales  # Turkey gold  # Russia  

Kazakhstan, Azerbaijan, Belarus, Greece, Kyrgyz Republic and Mongolia also bought gold for their official reserves in March.

WASHINGTON(BullionStreet): Central banks in Russia and Turkey bought gold while Canadian and Mexican central banks trimmed gold reserves ahead of last week's spectacular gold plunge.

According to IMF, Russia lifted its gold reserve for a fifth straight month in March, adding 4.7 tonnes of gold to its reserves, which stood at 981.648 tonnes by the end of last month.

Turkey raised its holdings by 33 tonnes to 408.874 tonnes, and South Korea increased its holdings by 20 tonnes in February to 104 tonnes.

Kazakhstan, Azerbaijan, Belarus, Greece, Kyrgyz Republic and Mongolia also bought gold for their official reserves in March.

Tajikistan added 0.124 tonnes to its reserves in both February and March, taking its total to 6.446 tonnes. Republic of Serbia raised its holdings in February by 0.093 tonnes to 15.36 tonnes.

Canada cut its reserves by 0.03 tonnes to 3.203 tonnes last month, and Mexico cut its by 0.09 tonnes to 124.239 tonnes, the data showed.

Belgium trimmed its holdings by 0.03 tonnes to 227.433 tonnes. The gold price sank a combined $US225 on April 12 and 15 in a sell-off that surprised ardent gold investors and bulls.

The drop was partly put down to the market being unnerved by news that Cyrpus was considering selling gold reserves to raise about 400 million euros ($510 million) to finance part of its bailout.

Gold has dropped about 14 per cent this year, with prices also hit by investors in exchange-traded funds cutting exposure to it on prospects of easing inflation, even with lower prices attracting a rise in demand for jewellery and coins.

Analysts said central bank purchases and surging physical demand helped gold prices rebound from a two-year trough around $1321 an ounce struck last week.

How about a fully featured Android App for your business?

Bullion Street Newsletter