Turkey has reduced its gold holdings in January by 31.171 tonnes according to data released by the International Monetary Fund (IMF). The drop comes after Turkey significantly increased its gold holdings in 2013, following the Central Banks decision to allow commercial banks to hold a percentage of their reserves in gold.

The IMF data also confirmed that the Euro area increased their holdings in January by 7.776 tonnes to 10,787 tonnes. The gold reserves of Germany and the United States remained unchanged in January at 3,387.247 tonnes and 8,133.715 tonnes respectively.

The Cypriot Central Bank also confirmed they have no intention to sell any of its 13.87 tonnes of gold to help fund its $13.7 billion bailout.