Central banks’ gold purchases close to 50yr high – research

Thursday, February 12, 2015
By Paul Martin

February 12, 2015

Central banks across the world have purchased a record 477.2 tons of gold in 2014 as an attempt to reduce the influence of the US dollar amid global financial instability, according to World Gold Council.

It is the biggest amount of gold purchased by the central banks in nearly 50 years, the council said in a report.

The majority of the countries bolstering their gold holdings are from the Commonwealth of Independent States (CIS).

Russia, with gold reserves of more than 1,200 tons, added 173 tons to its already sizeable stocks. Gold accounts for 12 percent of Russian overall reserves.

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