Dec 20 - Brazil raised its gold holdings by 14.68 tonnes, or
28 percent, in November, bringing its bullion reserves to 67.19
tonnes, data from the International Monetary Fund showed on
The IMF's monthly statistics report also showed that Turkey
cut its gold holding last month by 5.84 tonnes to 314 tonnes
Turkey allows commercial banks to use gold as collateral for
loans, and changes to its balance sheet are often connected to
Belarus upped its reserves by 1.39 tonnes to 42.7 tonnes,
while Russia, which had both bought and sold gold on a number of
occasions this year, increased its holding by 2.86 tonnes to
Central bank buying of gold has been a major support to gold
prices, which hit record highs a year ago.
Prices have come under pressure from heavy liquidation by
hedge funds this week and signs of an improving U.S. economy
have triggered selling. They fell below $1,650 an ounce on
Thursday for the first time since August.