MOSCOW (Commodity Online): It seems that all central banks across the globe are going for the Gold now. Recently, India’s Reserve Bank had purchased 200 tonnes of gold from the International Monetary Fund 9IMF) to boost its reserves while Sri Lanka’s central also bought some IMF gold.

Now, Russia’s central bank has hiked its gold stocks by 0.5 million ounces (15.6 tonnes) or by 2.6 percent in October to 19.5 billion ounces (606.5 tonnes).

According to the website of the bank, it aims to increase gold’s share in its reserves this year to keep its investments diverse. The metal is also seen as a safe haven during recession.

The website said the total value of gold in the bank’s stocks rose to $20.4 billion on November 1 from $18.8 billion a month earlier. Gold made up 4.7 per cent of Russia’s total gold and foreign exchange reserves, the world’s third largest, which stood at $434.43 billion at the start of November.

The central bank had been steadily building its gold stocks this year from 16.7 million ounces on January 1, 2009.

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.

World over central banks have been buying gold this year and this has triggered panic in the market causing huge rise in gold prices.

India’s move to buy 200 tonnes of IMF gold impacted the bullion market so much that the prices immediately soared above $1150 per ounce.

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