European Central Bank gold assets revalued down €115.3bn

The European Central Bank have revalued their gold and gold receivables reserves down by 26.5 per cent to €115.347bn – a figure which reflects primarily quarterly revaluation adjustments.

The ECB revalues gold, foreign exchange, securities holdings and financial instruments at market rates and prices at the end of each quarter. Gold and gold receivables were revalued down to €919.916 per fine ounce, meaning the total value of ECB reserves is now €319,958.

Of the €115.347bn decrease, €115.323 can be attributed to quarter-end adjustments and €24m to gold sales.

The bank also reported a fall in net lending to credit institutions in the euro area by €2.7bn to €535bn.