Gold Price Hits New High with Russian Buys
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Russia’s central bank, increased its gold holdings by 2.6 percent last month as nations seek to boost reserves of the precious metal.
The bank’s chairman Sergei Ignatiev told reporters in Moscow Gold’s share in reserves has increased faster in 2009 than in prior years, he said: “The central bank has in the course of several years replenished its supply of gold with the goal of diversifying our gold and foreign-currency reserves.”
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In 2006, the central banks of Italy, Russia, Sweden, and the United Arab Emirates announced they would reduce their dollar holdings slightly, with Sweden moving from a 90% dollar-based foreign reserve to 85%. On May 20, 2007, Kuwait discontinued pegging its currency exclusively to the dollar, preferring to use the dollar in a basket of currencies. Syria made a similar announcement on June 4, 2007.
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