Despite unstable gold prices, Russia’s central bank boosted its gold reserves for a ninth consecutive month in June, a hoarding trend followed by Kazakhstan, Azerbaijan and Kyrgyzstan.
According to figures from the International Monetary Fund, the country’s gold holdings total now 996.4 tonnes, making it the world’s seventh largest bullion holder, excluding the IMF.
Russia’s not the only nation that’s been stocking up on gold. China added recently only one-quarter less than Russia and Brazil increased its gold reserves for a third month in a row last November, reaching levels not seen in 12 years.
Central banks have lately been diversifying their holding. The IMF said that — as a group— they are now set to buy almost 500 tonnes of gold before the end of the year. This represents the highest amount in over 40 years.