Russia, Turkey And France Among 15 Central Banks Buy Gold In July
Tuesday, 27 August 2013
Technical analysts say that gold’s break above $1,400 an ounce on Monday for the first time since June 7, in conjunction with its break above the 100 day moving average and a bullish “cup and handle” chart pattern, suggest more gains are in store for gold which may have bottomed out two months ago on June 28.
France, Russia and Turkey were among 15 central banks who added gold to their foreign exchange reserves in July, IMF data showed today.
Russia expanded their gold reserves for a 10th straight month in July. Russian holdings, the seventh-largest by country, gained another 6.3 metric tons to 1,002.8 tons.
Kazakhstan’s reserves also rose for a 10th straight month to 1.1 tons to about 132 tonnes. Azerbaijan added 2.009 tonnes to bring its holdings to 10.023 tonnes in July.
Turkey lifted its gold holdings by 22.5 tonnes, the biggest increase seen among 15 central banks. Turkey now has the world’s 11th-largest gold reserves as its holdings rose to 464 tonnes in July from 441.5 tonnes in June. The country’s central bank last year allowed commercial banks to hold a portion of their lira reserves in gold.
France bought 1,000 troy ounces of gold. The Bank of France has made a few such purchases in recent months. Analysts are unsure as to why the French central bank bought the gold but it may have been due to a Bank of France gold coin offering.