Russia Upsurges Gold Holdings with Kazakhstan for 11 Straight Months

Gold Holdings

(Bloomberg) – Russia and Kazakhstan extended their gold reserves for 11 straight months in August as bullion prices rallied. Mexico decreased its holdings.

Russian assets profited 12.7 metric tons to 1,015.5 tons, International Monetary finance facts and figures displayed today. Kazakhstan’s reserves increased 2.5 tons to 134.5 tons and Turkey added 23.4 tons to 487.4 tons, the data displayed.

Gold increased 5.3% in August, the second directly monthly gain and longest rally since September last year, as smaller prices boosted demand amid mounting concern about military activity against Syria. Investors traded 16.8 tons from gold-backed exchange-traded goods in August, the least significant outflow this year. (According to data by Bloomberg)

Victor Thianpiriya, an analyst at Australia & New Zealand Banking Group Ltd. (ANZ) in Singapore said Central banks are “long-term holders of gold, with a long-term outlook and prices at the instant are pretty appealing for a long-term buyer,” he added “The detail that they’re doing it in lesser volumes is reliable with the detail that sentiment in the direction of gold is getting a bit more negative.”

Gold for immediate delivery increased 0.3% to reach $1,326.79 an ounce at 2:48 p.m. in Singapore. Prices are set to increase by 7.5% this quarter, the first increase in a year.