Gold News

Gold Bullion Reserves Raised in Russia

The RUSSIAN CENTRAL BANK increased its Gold Bullion reserves by 500,000 ounces – 14.2 tonnes – in May, Interfax reports, quoting a statement by the bank.

Consistent in its Gold Bullion buying, Russia's central bank bought around 16.5 tonnes in March.

Before today's announcement, Russia's Gold Bullion reserves amounted to 895.7 tonnes, according to data provided by the World Gold Council. On that table, Russia has the world's 8th largest official Gold Bullion holding, in front of Japan and behind Switzerland.

Russia's gold holding accounts for just about 10% of its total central-bank reserves by value. That compares with more than 70% for the US and Germany, the biggest Gold Bullion holders.

Globally, central-bank reserve have risen by 150 tonnes in January to June 2012.

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Robin Molinas is working as a research assistant at BullionVault, the No.1 gold and silver ownership service for private investors.

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