Germany trims Gold reserve in Oct for second time in last five months: IMF

GERMANY November 22 2013 5:43 PM

BERLIN (Scrap Register): Germany has trimmed its gold reserve in October this year for the second time in last five months, according to International Monetary Fund. 

 

According to IMF Data, Bundesbank, central bank of Germany, sold 3.421 tons of gold from its gold reserve last month and now holds 3,387.247 tons.

 

Germany is the world's second biggest gold reserve holder following United States, which holds 8,133.748 tons of gold after a small increase of 0.033 tons in October this year. 

 

Gold holdings by central banks are keenly 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. Changes in central banks' buying and selling patterns tends to affect global gold prices.