LONDON -- Russia is showing no signs of slowing gold purchases as the fifth-biggest holder boosted reserves for a ninth month.
The country's gold reserves rose to about 38.8 million ounces as of Jan. 1 from 38.2 million ounces a month earlier, the central bank said today on its website. It's the longest stretch of monthly increases since August 2013, data from the International Monetary Fund show.
Russia has more than tripled its gold hoard since 2005 and holds the most since at least 1993, even as it recently had to use its international reserves to defend the ruble. Sanctions imposed by the U.S., the European Union, and their allies have compounded the effect of plunging energy prices and led Russia's economy to the brink of recession. The ruble slid almost 50 percent in the past 12 months. ...
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