Gold Spot Report – If Gold Hold and Close Above $1204 – We See Only Blast 1000% Blast, Aur Kuch Nai – Neal Bhai Reports
Russia has increased its official-sector holdings of gold at a time when the U.S. is increasing economic sanctions on the country, says commodity brokerage SP Angel. “Russia increased gold reserves the most in July than any other month this year amid a potential new round of U.S. sanctions,” the firm says.
Analysts cited news reports saying that Russia’s central bank bought 26.1 tonnes last month to take its holdings to 2,170 tonnes as Russia diversifies its holdings away from the dollar. “In April and May, Russia cut its holdings of U.S. bills, notes and bonds by around four-fifths and bought more gold,” SP Angel says.
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