Russia's central bank sells 3.1 tonnes of gold in March, publishes last year's missing gold reserves data gold centralbanks Russia
There is now more clarity on what Russia's central bank did with its gold reserves during the last year.
"The Central Bank of Russia reduced its official #gold reserves by 3.1 tonnes in March. More interestingly, it has now published its monthly gold holdings back to February 2022," said WGC's senior analyst Krishan Gopaul.The Central Bank of Russia reduced its official #gold reserves by 3.1 tonnes in March. More interestingly, it has now published its monthly gold holdings back to February 2022. Since then, gold reserves have now increased by a net total of 28 tonnes [via IMF IFS].
"I'm glad to see that the history of Russia's #gold holdings has now been backfilled," said WGC's chief market strategist John Reade."It does beg the question of where the rest of Russia's production has gone - at about 300t per annum this is far more than domestic demand or CBR's reported purchases.
The National Bank of Kazakhstan also lowered its reserves by 10.5 tonnes of gold in March. However, Kazakhstan was a seller even before this. Year-to-date, the Bank reduced its gold holdings by 19.6 tonnes. The country's total gold reserves are now at 332 tonnes - the lowest since August 2018.
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