The Russian central bank continues to increase its buying pace for gold, with its precious metal reserves at the beginning of this month at nearly $ 80 billion, according to data from the Russian Central.
        

Gold reserves of total reserves are 17.9%, and reserves of gold and foreign exchange on February 1 amounted to 447.735 billion dollars.

Gold reserves increased by $ 20.184 billion since the beginning of last year, rising from $ 60.194 billion recorded in 1 January 2017 to $ 80.378 billion, reached its peak on February 1.

In 2017, Russia bought gold worth $ 16.5 billion, compared to $ 11.6 billion in 2016.

        
        
                gold.org

        
        
A graph showing the evolution of gold reserves in Russia and China since 2000

The share of gold in Russia's international reserves rose from 13.1 percent in early 2016 to 15.9 percent in early 2017, reaching 17.9 percent by February.

According to the latest report by the World Gold Council,

The Russian reserves of yellow metal are 1838.8 tons and separated from China, one of the world's most important economies, only 3.8 tons.

] Source: Agencies

Fred Geerley

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