The countries of Russia, Turkey and Kazakhstan continue to grow their gold reserves, the International Monetary Fund (IMF) has said, Dmitry Lee writes for the Astana Times.

“The buying trend will continue,” Barclays analyst, Feifei Li said by e-mail cited by The Washington Post with Bloomberg before the data was released. Li said emerging markets such as Russia, China and Kazakhstan, “have a long-term need to increase their reserves due to portfolio and strategic reasons.”

The Washington Post noted,“Central banks and other institutions boosted bullion purchases in the third quarter to the second highest on record to diversify their assets, according to the World Gold Council. Kazakhstan has about 27 percent of its reserves in gold, while Russia has 13 percent, and China about 2 percent. Top holder, the United States holds 73 percent of its reserves in the precious metal.

Read more at the Astana Times.