SYDNEY--The central banks of Russia, Kazakhstan and Belarus
topped up their official gold reserves last month, while countries
including Tajikistan and Mozambique cashed in some of their
holdings as gold prices rose, data from the International Monetary
Fund show.
Emerging markets again dominated gold-market activity among
central banks in December, continuing a trend that emerged in
recent years as expanding economies sought to diversify their
assets amid turbulence in global markets.
Russia, which has one of the world's largest holdings of the
metal, added around 666,500 troy ounces to its 38.8-million ounce
stockpile last month, according to the IMF data Tuesday. Kazakhstan
meanwhile lifted its reserves 2.2% to 6.2 million ounces, and
Belarus 3.3% to 1.4 million.
The Netherlands also increased its official reserves by 309,000
ounces, or 1.6%, to 20 million ounces--the first change to its
holdings since 2008, according to the IMF data. The Dutch central
bank, which in November announced it would repatriate some of its
gold reserves from the U.S. in an effort to spread its gold stock
in "a more balanced way," wasn't immediately available for
comment.
Malaysia too acquired extra gold for its reserves, which rose to
1.2 million ounces from 1.1 million.
Some central banks cut their gold holdings, though, at a time
when global bullion prices started rising amid jitters over the
European outlook. The gold price averaged US$1,202 an ounce in
December, up from US$1,176 an ounce the month prior, according to
The London Bullion Market Association.
In December, Mozambique cut its holdings of the precious metal
by 15% to around 175,000 ounces, while Tajikistan lowered its
reserves 11% to just below 278,000 ounces, according to the IMF
data.
Turkey's central bank reported a decrease of more than 124,000
ounces to the IMF, taking its official reserves to 17.0 million
ounces--although analysts say volatility in the country's reserves
largely results from a central-bank decision to start accepting
gold as collateral from commercial banks in late 2011.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
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