(Reuters) - Russia and Turkey lifted their gold holdings in June as both countries increased their bullion reserves for a third consecutive month, data from the International Monetary Fund showed on Friday.
A drop in the price of gold to a four-month low under $1,250 an ounce in early June prompted some central banks to boost their positions in the precious metal which is used to hedge against currency and credit risks.
Russia, the world's fifth-largest bullion holder after the United States, Germany, Italy andFrance, increased its gold holdings by 16.8 tonnes to 1,094.8 tonnes in June, the IMF's International Financial Statistics report showed .... http://www.reuters.com
