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RTRS:Thailand boosts gold holdings as price hits record
 
* Thailand adds nearly 19 tonnes to reserves

* Russia buys, Kazakhstan makes third buy of 2011

By Amanda Cooper

LONDON, Aug 3 (Reuters) - Thailand increased its gold reserves for the third time in a year in June, while concern about debt and sluggish growth in developed economies sent the price to record highs on Wednesday.

International Monetary Fund (IMF) data showed the Thai central bank added 18.66 tonnes, bringing its reserves to 127.524 tonnes, overtaking Singapore as the world's 25th largest holder of the metal, up from 31st.

The IMF's international finance statistics showed Russia, Kazakhstan, Greece, Ukraine and Tajikistan also added to their reserves two months ago, reflecting the trend among central banks to park more of their foreign exchange holdings in gold.

"The market generally expects central banks with growing reserves and small gold holdings to buy gold," said Jesper Dannesboe, senior commodity strategist at Societe Generale."

"So I don't think that is particular surprising, but it does support the bullish story," he said.

Central banks are expected to remain net buyers of gold this year, after buying more gold in the first half of this year than in the whole of 2010, according to a World Gold Council report released in July.
Source