Gold News

Russian central bank 'reels in gold'

Russia's central bank has amassed record amounts of gold and foreign currency reserves, it has been claimed.

Russian news agency Itar Tass claimed that current figures were now higher than ever since regular publication of resources has been carried out by the central bank.

According to the agency, the bank boosted its combined reserves by 0.8 per cent, or $3.8 billion between November 17-23rd. taking its overall total to the record figure of $459.6 billion.

Russia's reported gold buying spree has come despite near record gold prices, and at a time when other central banks also looking to be reversing the recent trend for selling the metal, choosing instead to buy gold or to shed small amounts.

The European Central Bank this week revealed surprisingly low recent sales from the national banks within the region.

So while sales from other banks are sluggish, Russia looks to be snapping up bullion, with finance minister Alexei Kudrin reportedly claiming that the country's combined gold and foreign currency reserves would this year grow by $150 billion.

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