Central banks globally have purchased 447.2 tons of gold in 2014, the biggest amount of the precious metal in nearly 50 years, the World Global Council reported.
Russia added 173 tons topping up its gold reserves to more than 1,200 tons. Kazakhstan and Iraq bought 48 tons each.
On the other side of the equation sales of gold by banks were more limited. Ukraine sold 19 tons which was the most sizable out of all sales as the current economic situation in Ukraine has been forcing the government to reduce its reserves.