Russia ranks among top 5 gold holders

Russia became the fifth-largest gold owner after the Central Bank of Russia (CBR) increased its holdings of gold by 20 metric tons to 1,857 tons last month.

The country has increased its holdings every month since March 2015. According to Russia Today (RT) news channel, the CBR has been increasing the country's gold reserves to meet the goal set by President Vladimir Putin to make Russia less vulnerable to geopolitical risks.

The United States is still the largest owner of gold, with 8,134 tons, much of which is stored in Fort Knox. Germany is in second place with 3,374 tons.

The International Monetary Fund owns 2,814 tons. France is the fourth-largest bullion holder.

Russia is also the third-largest producer of the precious metal. The RT said that the government has purchased two-thirds of all gold mined in the country as the Kremlin sees gold as a safe haven at times of geopolitical turbulence.

(ASIA PACIFIC DAILY)