July 26, 2014 / 1:15 AM / 5 years ago

UPDATE 1-Russia, Turkey raise gold holdings for 3rd straight month -IMF data

(Adds details from IMF data in paragraphs 2-6)

July 25 (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 and France, increased its gold holdings by 16.8 tonnes to 1,094.8 tonnes in June, the IMF’s International Financial Statistics report showed.

Turkey, the world’s 12th-largest nation in terms of gold ownership, raised its precious metal by 9.9 tonnes to 512.9 tonnes for the month. It counts gold held on deposit with it by commercial banks as part of the central bank’s bullion holdings.

Gold rose to about $1,310 an ounce on Friday. However, it remained near the previous session’s drop to a one-month low.

Encouraging U.S. economic indicators continued to pressure the metal’s safe-haven appeal driven by heightened tensions between Russia and the West over Ukraine. (Reporting by Frank Tang in New York; Editing by Lisa Shumaker)

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