Russia and Kazakhstan bulk up on their gold reserves

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Russia and Kazakhstan have increased their gold reserves significantly since August. Over the past six months both states have bolstered their gold stock steadily, according to reports citing the International Monetary Fund, which were published by Reuters news agency on Thursday.

Russia bought around 29,5 tons of Gold last month. Thus, the reserves of the Russian Federation rose to 1,327 tons. During the same period, Kazakhstan acquired 2.1 tons of the precious metal. Astana stores now around 210 tonnes of gold as a reserve.

According to analysts, the demand is attributed to the fall of the gold-price, which is the lowest over a period of five years, due to the stock-market crash in China. July was the worst month for the commodity since the year 2013.



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