Russia raises gold holdings for 4th mth in Feb

Times of India
Tuesday 26th March, 2013

International Monetary Fund showed on Tuesday. Russia added 6.998 tonnes of gold to its reserve, which stood at 976.952 tonnes by the end of February, reinforcing its ranking of holding the world’s eighth largest official gold reserve. “The continuous increase in gold holdings of central banks, especially those in developing countries, has been giving some support to gold, which is under pressure from the improving economic outlook,” said Li Ning, an analyst at Shanghai CIFCO Futures. Gold, which has had a stellar bull run over the last 12 years, has shed more than 4 percent so far this year a…

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