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Kazakhstan Extends Gold Buying Spree With Russia as Turkey Adds

  • Central banks bought gold in November as prices fell 6.8%
  • Barclays' Feifei Li expects countries to keep boosting assets

Kazakhstan increased its gold reserves for a 38th month as Russia and Turkey also expanded holdings, according to the International Monetary Fund.

Kazakhstan raised its stash to 7.03 million ounces in November from 6.96 million ounces a month earlier and Russia boosted assets to 44.78 million ounces from 44.07 million ounces, data on the IMF’s website showed. Turkey’s reserves increased to 16.39 million ounces from 16.10 million ounces.