Kazakhstan and Mongolia added to their gold reserves in December as the precious metal advanced for an 11th consecutive year, according to the International Monetary Fund .
Kazakhstan’s bullion holdings rose 3.1 metric tons to 76.7 tons and Mongolia added 1.2 tons to take its assets to 3.5 tons, data on the IMF’s website showed. Ukraine increased gold reserves by 0.1 ton, Mexico cut them by 0.2 ton and Mauritius reduced them by 0.1 ton, the data show.
Central banks are expanding reserves for the first time in a generation as holdings in exchange-traded products are within 1.9 percent of an all-time high set last month. The banks may buy 600 tons this year, according to Goldman Sachs Group Inc. (GS) Global holdings of the metal advanced by 66.6 tons in November from a month earlier to 30,877 tons, the IMF data show. That’s equal to almost 11 years of world mine production.