Saturday, 27 July 2013

Market Watch: Emerging markets lift gold reserves, IMF says

SYDNEY--Central banks in several emerging-market countries continued to boost their gold reserves last month, exploiting a plunge in the price of the precious metal to its lowest level in almost three years.

Regular gold buyers Kazakhstan and Azerbaijan were among those that added to their holdings in June, when many other central banks were also active in the market.

Not all were looking to buy, however. Germany and Guatemala both sold holdings, while Turkey's official reserves also fell, according to data from the International Monetary Fund.

Central banks, largely in developing economies, have increased their holdings of the precious metal over the past few years as sovereign-debt crises, like those in Europe, put pressure on reserve currencies such as the U.S. dollar and euro.

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