Bloomberg: Russia, Kazakhstan Boost Gold Reserves as Turkey Cuts, IMF Says

Russia and Kazakhstan expanded their gold reserves for a ninth straight month in June as purchases slowed amid a price slump.

Russian holdings, the seventh-largest by country, climbed 0.3 metric tons to 996.4 tons, the smallest gain since reserves started to increase in October, International Monetary Fund data show. Kazakhstan’s hoard grew 1.4 tons to 130.9 tons, the smallest expansion since March, data on the website showed. Turkey’s holdings fell for the first time in a year.

Gold slumped 11 percent in June, the biggest monthly loss since September 2011. Prices dropped 23 percent in the second quarter, the worst such performance since at least 1920, as gold entered a bear market in April after investors sold metal from exchange-traded funds at a record pace. Prices are down 20 percent this year amid speculation the U.S. Federal Reserve may taper its bond-buying program that helped bullion cap a 12-year bull run in 2012.

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