Russia has overtaken China as the fifth-biggest sovereign holder of gold, allowing it to diversify its foreign currency holdings amid a deepening rift with the US.
The Bank of Russia in January increased its holdings by almost 20 metric tons to 1857 tons, topping the People’s Bank of China’s reported 1843 tons. While Russia has increased its holdings every month since March 2015, China last reported buying gold in October 2016.
Only three countries in the top 10 have increased their holdings materially in recent years, with Turkey being the third. The US is still the largest owner of gold, with 8134 tons, much of it stored in Fort Knox. Germany is the second-largest, with 3374 tons, and the International Monetary Fund owns 2814 tons, Bloomberg reported.
