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Updated 04:48 24/02/20

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China and Russia continue to hoard gold

Duncan Richardson, News Editor
30 Sep 2015, 3:25 p.m.

China added to their gold reserves once again in August. The Chinese central bank purchased 520,000 ounces or 16.2 tonnes to take their total official holdings to 54.45 million troy ounces according to data released by the Peoples Bank of China.

In July China ended six years of silence surrounding their gold holdings by announcing they had increased their stockpile by 57%. In doing so they over took Russia as the fifth largest holder of gold.

Russia purchased 29.9 tonnes or 1 million ounces in August to take their total holdings to 42.2 million ounces.

The former Soviet states of Kazakhstan, Ukraine and Belarus all added to their official gold holdings last month. For decades central banks were net sellers of gold but the trend has now clearly reversed.

Gold is currently trading at £742.37 per ounce, silver £9.68 per ounce, platinum £609.66 per ounce and palladium £443.14 per ounce.

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