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China, Russia central banks still on gold-buying spree

TOKYO -- Central banks continue to add to their gold reserves, with China and Russia leading the trend to cut dependence on the dollar and the euro in an attempt to maintain confidence in their home currencies.

Central banks around the world have increased their gold reserves by 2.7% from a year earlier to about 32,800 tons, according to a World Gold Council report published last week. They bought a net 483 tons of the metal in 2015, the second largest figure since the dollar's convertibility into gold was ended in 1971, and became net buyers for the sixth straight year, according to Thomson Reuters GFMS.

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