FRANKFURT (Commodity Online): Gold and gold receivables held by euro zone central banks fell by 2 million euros to 423.455 billion euros in the very first week ending January 6, as per a report by the European Central Bank.
Gold holdings fell because of the sale of gold coins by a Eurosystem central bank.
Net foreign exchange reserves in the Eurosystem of central banks declined 1.6 billion euros to 217.7 billion euros, the ECB added.
A gold reserve is the gold held by a central bank or nation intended as a store of value and as a guarantee to redeem promises to pay depositors, note holders, or trading peers, or to secure a currency. Central banks around the globe are increasing their gold reserves with the passing of each day.
