In July, Russia bought nearly 19 tonnes, taking its holdings to nearly 10% as a proportion of foreign reserves. Kazakhstan and the Ukraine also added gold to their portfolios, with 1.4 metric tons and 0.2 metric tons, respectively.
Key events to watch this week: Economic data takes a backseat to ECB meeting
The main event investors need to monitor next week will be the ECB policy meeting on Thursday. [ECB Bond-Buying Talk Lifts Europe ETFs]
Precious metals are likely to remain supported in the interim, with a host of economic indicators likely to confirm the bleak outlook for the Eurozone, including Q2 GDP data and retail sales numbers.
Manufacturing and industrial production from the US, Germany, the UK, and China will give an idea on the relative strength of the major global economies and the need for concerted action by central banks in the absence of promising government policy.
ETFS Physical Swiss Gold Shares (NYSEArca: SGOL)
