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IMF: Turkey Cuts Gold Holdings as Europe Adds to Reserves

Tuesday, 25 Feb 2014 08:08 AM

Turkey slashed its gold holdings by 31.171 tonnes in January, representing the steepest decline in a list of countries' gold reserves compiled by the International Monetary Fund, data showed.

Turkey cut its bullion holdings by 6 percent to 488.578 tonnes, preliminary IMF data showed on Tuesday. The drop followed a series of increases in the country's holdings last year after the Turkish central bank allowed commercial banks to hold a portion of their reserves in gold.

Turkey is the world's 12th largest holder of gold as part of the central bank's reserves, according to the World Gold Council (WGC), which represents producers.

The IMF said the euro area increased its gold holdings by 7.776 tonnes to 10,787.434 tonnes in January. Gold reserves by Germany, the world's second-largest holder, were unchanged at 3,387.247 tonnes while top-ranked United States also held steady at 8,133.715 tonnes.

Gold holdings by central banks are closely watched since the group became net buyers in 2010 after two decades as net sellers. The 2008 global economic crisis triggered a wave of official-sector interest in gold.

Official-sector buying reached a 48-year high in 2012 at 544.1 tonnes, WGC data showed, but dropped to a three-year low of 368.6 tonnes last year, driven in part by the volatility in prices.

Cyprus, which holds 13.87 tonnes of gold, said in December it has no plan to sell gold reserves to fund its 10 billion euro ($13.7 billion) bailout. That came months after it looked into unloading its bullion reserves to ease its financial burden which sent spot prices sliding by the most in three decades.

Spot gold was trading near a four-month high at $1,333.51 an ounce by 0658 GMT, underpinned by worries over the global economy including in China where reforms are underway to shift to a more consumption-led growth.

© 2017 Thomson/Reuters. All rights reserved.

 
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Turkey slashed its gold holdings by 31.171 tonnes in January, representing the steepest decline in a list of countries' gold reserves compiled by the International Monetary Fund, data showed.
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2014-08-25
Tuesday, 25 Feb 2014 08:08 AM
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