UPDATE 1-Russia boosts gold holdings for 5th month; Kazakhstan also adds -IMF

Четверг, 25 сентября 2014 9:35 MSK
 

* Russia adds more then 230,000 ounces in Aug

* Kazakhstan has biggest jump in holdings for month so far (Adds details of central bank purchases, analyst comment)

By A. Ananthalakshmi

SINGAPORE, Sept 25 (Reuters) - Russia added to its gold holdings for a fifth month in a row in August, while Kazakhstan raised its holdings by nearly 800,000 ounces, data from the International Monetary Fund showed on Thursday.

Significant buying and selling by central banks can influence gold prices, which are currently near an 8-1/2-month low on a strong dollar and robust economic data.

Central banks became net buyers in 2010 after two decades as net sellers, as the global economic crisis of 2008 had prompted them to start hoarding bullion.

"I definitely see the trend of central bank purchases continuing," said Harshal Barot, an analyst at Motilal Oswal Securities in Mumbai.

"It is the one good factor I believe that will help gold prices form a floor, even though it might not lead to a rally," he said.

Russia, the world's fifth-largest bullion holder, added 232,510.206 ounces of gold in August to bring its total to 35.769 million ounces, according to data on the IMF's website.   Продолжение...