Bloomberg News

ECB Says Quarterly Revaluation Drove Up Value of Gold Holdings

October 05, 2011

Oct. 5 (Bloomberg) -- The European Central Bank said a quarterly revaluation drove up the value of its gold holdings.

The value of gold and gold receivables rose 56.8 billion euros ($75.6 billion) to 420 billion euros in the week ending Sept. 30, the central bank said in a statement today.

“In line with the Eurosystem’s harmonized accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter,” the ECB said in the statement. The ECB said it used a gold price of 1,206 euros per fine ounce to carry out the adjustment.

--Editor: Matthew Brockett

To contact the reporter on this story: Gabi Thesing in London at gthesing@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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