Russia, Kazakhstan increased gold holdings in May

Russia and Kazakhstan boosted their gold reserves for an eighth consecutive month in May, joining Turkey in the hoarding trend despite the slumping price of the precious metal.

Russia’s central bank added about 198,000 troy ounces of gold in May, taking the country's holdings to 32.027 million ounces, up 4% in 2013, according to the International Monetary Fund figures.

Kazakhstan’s hoard grew 127,000 ounces, reaching 4.163 million ounces, the IMF data shows. With the latest acquisition, the country's reserves are up 12% so far this year.

Once again Turkey boosted its gold holding, adding 583,420 ounces of gold last month. The country, which now has 14.315 million ounces, has more than doubled its reserves since November 2011, when the country's central bank announced it would accept gold from commercial banks to meet reserve retirements.

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