Russia central bank biggest buyer of gold September 2016

The Central Bank of Russia was the biggest buyer, purchasing 16.55 tonnes. September’s addition marked a 20th straight month of buying for the CBR, which hasn’t seen reserves fall since January 2015 when its holdings dropped by 0.48 tonnes.

And Russia’s central bank was not the only one buying, China and Kazakhstan saw their gold holdings increase by 4.98 tonnes and 4.14 tonnes, respectively, the WGC said. Interestingly, September’s three notable buyers are the only central banks that have seen their holdings increase in 2016, and that isn’t expected to change anytime soon.

Meanwhile, in a note to clients sent out last week, Capital Economics notes that gold demand from ordinary people in China and India is on the rise.

Russia central bank biggest buyer of gold September 2016