China, Russia Exceptions as Global Central Banks Slowed Gold Purchases in February

April 7, 2016 Share Print 0

Central banks slowed their gold purchases in February, snapping up 25 tons of the yellow metal against a combined 41 ton purchase in January, data from the World Gold Council showed.

The purchases were also outweighed by monthly sales by certain banks, pushing collective gold holdings of global central banks to decline by 16 tons on a net basis in February, the first decline since January 2015, noted London-based Capital Economics in a note.

Most of the purchases were by China and Russia, who added 10 and 11 tons of the precious metal to their holdings, respectively, after a sharp run-up in purchases over the last ten years.

CNBC

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Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.