“Russia is showing no signs of slowing gold purchases as the fifth-biggest holder boosted reserves for a ninth month. The country’s gold reserves rose to about 38.8 million ounces as of Jan. 1 from 38.2 million ounces a month earlier, the central bank said today on its website. It’s the longest stretch of monthly increases since August 2013, data from the International Monetary Fund show. Russia has more than tripled its gold hoard since 2005 and holds the most since at least 1993, even as it recently had to use its international reserves to defend the ruble. The precious metal accounts for about 11 percent of Russia’s total foreign reserves, according to the London-based World Gold Council.”
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