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<p>[QUOTE=&quot;Saor Alba, post: 744857, member: 21607&quot;]<b><a href="http://in.reuters.com/article/fundsNews/idINGEE5AM1A020091123" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://in.reuters.com/article/fundsNews/idINGEE5AM1A020091123" rel="nofollow">http://in.reuters.com/article/fundsNews/idINGEE5AM1A020091123</a></b></p><p><b><br /></b></p><p><b></b> MOSCOW, Nov 23 (Reuters) - Russia&#039;s central bank gold stocks rose by 0.5 million ounces (15.6 tonnes) or by 2.6 percent in October to 19.5 billion ounces (606.5 tonnes), data on the bank&#039;s web site <a href="http://www.cbr.ru" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.cbr.ru" rel="nofollow">www.cbr.ru</a> showed.</p><p>&nbsp;&nbsp; &nbsp; &nbsp;&nbsp; Russia&#039;s central bank has said it aims to increase gold&#039;s share in its reserves this year [ID:nLG124285] to keep its investments diverse. The metal is also seen as a safe-haven at times of financial market turbulence and economic crisis -- a status which has helped send the price of gold XAU= to record highs this year. [ID:nGEE5AM0FB]</p><p>&nbsp;&nbsp; &nbsp; &nbsp;&nbsp; The web site said the total value of gold in the bank&#039;s stocks rose to $20.4 billion at Nov. 1 from $18.8 billion a month earlier. Gold made up 4.7 percent of Russia&#039;s total gold and foreign exchange reserves -- the world&#039;s third largest -- which stood at $434.43 billion at the start of November.</p><p>&nbsp;&nbsp; &nbsp; &nbsp;&nbsp; A source in the Russian state precious and metals repository Gokhran said the gold did not come from its stocks.</p><p>&nbsp;&nbsp; &nbsp; &nbsp;&nbsp; The central bank was not immediately available for comment.</p><p>&nbsp;&nbsp; &nbsp; &nbsp;&nbsp; Russia&#039;s Finance Minister Alexei Kudrin said last week Gokhran, subordinated to the ministry, will sell 30 tonnes of gold to the central bank this year. [ID:nLI200517]</p><p>&nbsp;&nbsp; &nbsp; &nbsp;&nbsp; The central bank had been steadily building its gold stocks this year from 16.7 million ounces on Jan. 1, 2009.</p><p>&nbsp;&nbsp; &nbsp; &nbsp;&nbsp; The largest monthly increase this year -- of 0.6 million ounces -- took place in July, when stocks rose to 18.3 million ounces from 17.6 million.</p><p>&nbsp;&nbsp; &nbsp; &nbsp;&nbsp; In September Russia&#039;s gold stocks were the world&#039;s ninth-largest. [ID:nSP482249]</p><p>&nbsp;&nbsp; &nbsp; &nbsp;&nbsp; The central bank&#039;s reserves include gold, foreign currency and Special Drawing Rights (SDRs), an international reserve asset that is essentially a currency of the International Monetary Fund, and some other assets.&nbsp; (Reporting by Aleksandras Budrys and Polina Devitt; Editing by Keiron Henderson)&nbsp; ((aleksandras.budrys@reuters.com; +7 495 775 1242; Reuters Messaging: <a href="mailto:aleksandras.budrys.reuters.com@reuters.net">aleksandras.budrys.reuters.com@reuters.net</a>))[/QUOTE]</p><p><br /></p>

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