Russia added 6.5 tonnes to confirm its position as the world's 7th largest gold holder, breaking the 1,000-tonne mark for the first time. Turkish bank deposits added a further 22 tonnes to Ankara's holdings, the 11th largest at 464 tonnes.
By Adrian Ash
London Gold Market Report
Wholesale gold jumped to new 3-month highs as London traders returned from the August Bank Holiday on Tuesday, rising above $1418 per ounce as world stock markets fell.
Commodities also rose,erasing the last of their summer drop alongside precious metals, whilst major government bonds ticked higher, edging interest rates back down from their recent two-year highs.
Silver hit its best level since April at $24.50 per ounce.
"The price action remains bullish with higher highs and higher lows," adds technical analysis of the gold chart from market-maker Scotia Mocatta. ...