Kitco Market Nuggets
Market Nuggets: Commerzbank Says Central Banks Adding Gold

21 September 2010, 8:38 a.m.
By Allen Sykora
Of Kitco News

(Kitco News) -Several central banks have been expanding their gold reserves in recent months, says a research note from Commerzbank. Russia increased its gold holdings in August by some nine metric tons to 734 tons, meaning that the Russian central bank has expanded its gold holdings by around 215 tons since the start of the year, Commerzbank says. “Most of this is likely to have come from the country’s own production,” Commerzbank says. The bank also cites International Monetary Fund data saying that Thailand increased its gold holdings in July by 15 to nearly 100 tons through open-market purchases. Meanwhile, recent news reports say Bangladesh purchased 10 tons.

By Allen Sykora of Kitco News;