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Gold shines from diversification
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CENTRAL banks and other institutional buyers bought the second-highest amount of gold in the third quarter of 2015, a survey showed yesterday, as China and Russia sought to diversify foreign-exchange reserves.
The net purchases of bullion totaled 175 tons in the quarter ended on September 30, according to the World Gold Council, almost matching the record high of 179.5 tons in the same period of 2014.
The People’s Bank of China, which resumed reporting its monthly gold reserves from July after a six-year gap, bought 50.1 tons in the three months through September, the council said.
Even as China was “the significant gold buyer in the world market,” Russia remained the biggest single purchaser of bullion for the quarter as it added 77 tons to its reserves.
“Diversification of reserve assets, especially among developing nations, remains the primary motivation for this increase in official gold reserves, as many recognize that the economic and geopolitical outlook continues to look far from certain,” the council said.
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