Russia and Kazakhstan raised their gold holdings for a sixth straight month in August, while Jordan and United Arab Emirates (UAE) both bolstered their reserves in July, according to International Monetary Fund data on Thursday.
Russia bought another 29.5 tonnes last month taking its total to 1,317 tonnes, while Kazakhstan added 2.1 tonnes taking its total to 210 tonnes in August.
In July, Jordan raised its gold holdings by 7.5 tonnes to 42 tonnes and the UAE bought 2.4 tonnes taking its reserves to 4.9 tonnes, the data showed.
The buying came as bullion prices languished at 5 1/2-year lows after the stock market crash in China forced investors to pull cash en masse out of commodities in early July. July was gold's worst month since June 2013.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
