Russia added to their gold reserves once again in the month of June according to the Russian Central Bank website. The Central Bank added a further 24 tonnes to their reserves, bringing their total buying for the first 6 months of the year to 67 tonnes.
With Western sanctions still in place many analysts expect the Russian authorities to maintain their buying throughout 2015. Russia now owns 1,275 tonnes making them the seventh largest holders of the yellow metal. In 2014 Russia bought more gold than in any year since the breakup of the Soviet Union according to the World Gold Council.
Russia is also the world’s third largest producer of the yellow metal just 6 tones behind Australia.