Gold News

Gold Bullion Added by Mexico, Russia, Turkey Central Banks

CENTRAL BANKS worldwide added 57.9 tonnes of Gold Bullion to their reserves last month, according to data published by the International Monetary Fund.

Mexico, which last year multiplied its gold holdings, added 16.81 tonnes of Gold Bullion to its reserves in March, the IMF data show.

Russia added 16.55 tonnes, taking its total holdings to 895.75 tonnes, while Kazakhstan added 4.3 tonnes and Ukraine added 1.2 tonnes.

There were also small additions of less than one tonne for Belarus, Greece, Mongolia, and Tajikistan. The Czech Republic was the only reported seller, selling 0.14 tonnes.

Turkey's central bank meantime saw holdings of Gold Bullion on its balance sheet rise by 11.5 tonnes to 209.6 in total – although since last October this figure has included Gold Bullion held by commercial banks with the central bank as part of their reserve requirements.

Turkey has recently moved to make gold a more prominent feature of its banking sector, with the Wall Street Journal reporting the government plans to encourage people to deposit privately-held Gold Bullion with banks.

Last year saw official sector Gold Bullion purchases rise to just over 450 tonnes, with net central bank buying rising 491%, according to leading precious metals consultancy Thomson Reuters GFMS.

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