According to monthly data released Thursday by the International Monetary Fund, Turkey, Germany, Suriname, Guatemala, Mexico, Zimbabwe, Costa Rica, Czech Republic and Denmark all sold some of their reserves. At the same time for the ninth straight month, Russia added to its reserves along with Ukraine, Azerbaijan, Kazakhstan, Kyrgyzstan, Greece, Belarus and Bulgaria.
Colin Cieszynski, senior market analyst at CMC Markets Canada, said he is not surprised that some banks are selling some gold, but added that he doesn’t expect the sales to impact global markets.
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