Russia’s appetite for gold returns
Peter Walden, News Editor
23 Apr 2015, 10:23 a.m.
Following a two month absence the Central Bank of Russia returned to the gold market in April by purchasing 30 tonnes of gold bullion.
Russia’s official reserves now stand at 1,238 metric tonnes and are the fifth largest in the world. The purchases come at a time when the Russian economy is under pressure due to a falling oil price and western sanctions.
According to the International Monetary Fund Russia tripled its reserves over the last decade The Russian economy has recovered in recent months with the Russian rouble gaining against the world’s leading currencies.
Gold bullion now accounts for 13% of Russia’s foreign reserves according to the World Gold Council (WGC). The WGC expects central bank gold purchases to total over 400 tonnes in 2015.
China last reported the size of its gold holdings in 2009 when the Peoples Bank of China stated they held 1,054 tonnes of gold. Many gold analysts argue the true figure is between 3000 and 8500 metric tonnes.