November 21, 2012 / 9:56 AM / in 5 years

Brazil raises gold holdings by 17.170 tonnes in Oct-IMF

LONDON, Nov 21 (Reuters) - Brazil raised its gold holdings by 17.170 tonnes in October, data from the International Monetary Fund showed on Wednesday, bringing its bullion reserves to 52.518 tonnes.

The IMF’s monthly statistics report also showed that the euro area had lowered its gold holdings by 4.168 tonnes to 10,783.609 tonnes in October. The euro area figures largely reflected Changes in Germany as it lowered holdings by 4.199 tonnes to 3,391.446 tonnes last month.

Meanwhile Kazakhstan raised its bullion reserves by 7.527 tonnes to 111.543 tonnes.

Turkey raised gold holdings by 17.543 tonnes to 319.907 tonnes in October. It also revised its September figures upwards by 6.843 tonnes to 302.361 tonnes, the data showed.

Turkey allows commercial banks to use gold as collateral for loans, and changes to its balance sheet are often connected to such activity.

Central bank buying of gold has been a major support to gold prices XAU=, which hit record highs a year ago and are still holding above $1,700 an ounce, more than double their level of five years ago.

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