Russia stopped gold-buying spree after prices soared in January
Bloomberg News Friday, February 21, 2015
Russia stopped buying gold for the first time in 10 months after prices had the biggest increase on record.
Gold reserves were unchanged at 38.8 million ounces, or about 1,207 metric tons, as of Feb. 1 from a month earlier, the country's central bank said on its Internet site Friday. Bullion priced in rubles climbed 35 percent last month, the most in data going back to 2000. In dollar terms, the increase was the biggest in three years.
Higher gold prices "probably helped sway the central bank from adding to existing holdings," Ole Hansen, the head of commodity strategy at Saxo Bank A/S in Copenhagen, said by e-mail. "They may be price-sensitive, just like we have seen with other major buyers in the past." ...
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