Going for Gold: Price of Bullion Surges as China and Russia Amass Precious Metal

Thursday, August 4, 2016
By Paul Martin

SputnikNews.com
04.08.2016

China and Russia are steadily accumulating gold as they seek to reduce dependence on the US dollar, financial information website Marketwatch reported.

Russia and China’s policy of buying gold has helped the price of the precious metal to reach its highest level for more than two years, according to financial information website Marketwatch.

On August 2 the price of gold future contracts for December delivery closed at $1,372.6 per troy ounce, their highest level since March 2014.

“China and Russia, the world’s No. 1 and No. 3 producers, are catching up to the big industrial countries in stocks of bullion in their official reserves,” remarked Marketwatch analyst David Marsh.

According to calculations from the World Gold Council, based on IMF statistics, with 1,823.3 metric tons of gold China has the world’s sixth largest gold reserves. Russia is in seventh place, and has 1,498.7 tons of gold.

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