Russian central bank cuts Gold purchases in June

RUSSIA July 24 2017 4:20 PM
 
MOSCOW (Scrap Register): Russian central bank has trimmed gold purchases last month, while China’s central bank remained on the sidelines, said Commerzbank in an analysis of data released monthly. 

The Russian central bank continued to buy gold in June, though not as much as in the previous month, Commerzbank added. By its own account, it purchased around 300,000 ounces of gold, i.e. 9.3 tons.

Analysts pointed out that the Russian central bank has been a gold buyer virtually every month now for nearly two and one-half years. 

The Chinese central bank appears to have discontinued its gold purchases, on the other hand, Commerzbank added. 

“It did not top up its gold reserves in June for the eighth consecutive month despite the fact that its currency reserves have meanwhile increased again, meaning that it would have had enough money to buy gold,” the bank noted.