Central Banks Expand Gold Holdings as Russia to Kazakhstan Buy
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Russia and Kazakhstan expanded gold reserves for a sixth straight month in March before the metal’s worst slump in three decades as central banks sought to diversify their assets.
Russian holdings, the world’s seventh-largest by country, climbed 4.7 metric tons to 981.6 tons, increasing 2.5 percent this year after adding 8.5 percent in 2012, International Monetary Fund data show. Kazakhstan’s hoard grew 1.2 tons to 122.9 tons, taking the gain to 6.6 percent this year after a 41 percent expansion in 2012, data on the website showed.