Russia's gold reserves up 11 percent in first half of 2010

Russia's gold reserves grew 11 percent in the first six months of this year to reach 709 tons, Moscow's Novye Izvestia daily reported Wednesday.

According to the Central Bank of Russia, the country's gold reserves were equal to 28.206 billion U.S. dollars by July 1, up 26 percent as compared with that of Jan. 1.

The reserves were growing mostly thanks to investment inflow, experts said.

The price of gold hsd risen 10 percent in 2010 because investors consider the precious metal to be the safest harbor for their money in the volatile global financial situation.

The percentage of gold reserves among Russia's international reserves in the same period also went up, from 5.1 percent to more than 6 percent.

Source: Xinhua