Russia's central bank intends to continue buying gold, its first deputy chairman Alexei Ulyukayev said earlier this month, although he denied there is a target for gold to make up 10% of reserves.
By Ben Traynor
London Gold market report
The US dollar gold price extended its losses from last week Monday, dipping to a near-three-week low below $1655 per ounce during London's morning trading, as stock markets ticked higher, with the FTSE 100 hitting its highest level since May 2008.
The S&P 500 meantime climbed above 1500 last week for the first time since December 2007.
Silver this morning dropped below $31 an ounce to hit a two-week low, while other commodities were broadly flat and US Treasuries gained.
Last week saw spot gold fall 1.5%, while silver was down 2.1%.
"It seems that a number of safe haven refuges like gold, the Japanese Yen, US Treasury bonds, and the Swiss Franc have all been under pressure lately," says Ed Meir, metals analyst at brokerage INTL FCStone. ...