December 22, 2015 / 5:49 AM / 4 years ago

REFILE-Russia, Kazakhstan add to gold reserves in November

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SINGAPORE, Dec 22 (Reuters) - Russia and Kazakhstan extended their gold buying spree by adding to their bullion reserves in November, data from the International Monetary Fund showed on Tuesday.

Kazakhstan increased its gold reserves to 7.03 million troy ounces, or 218.657 tonnes, adding about 2 tonnes to October’s holdings, its 38th consecutive monthly increase.

Russia added 22 tonnes to bring its gold holdings to 1,392.813 tonnes, or 44.78 million ounces, seventh biggest in the world. The November addition is Russia’s ninth straight month of increase.

Turkey, which counts gold deposits with commercial banks as part of its national holdings, saw its gold holdings increase by about 9 tonnes in November.

Earlier this month, China’s central bank had separately disclosed that it bought nearly 21 tonnes of gold in November.

Significant buying and selling by central banks can influence gold prices, which are currently trading just above a near-six-year low.

Central banks became net buyers in 2010 after two decades as net sellers, as the global economic crisis of 2008 had prompted them to start hoarding bullion.

Reporting by A. Ananthalakshmi; Editing By Tom Hogue

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