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Resuming gold purchases, Russia sets fixed price below world market
By Anna Golubova
Kitco News, Montreal
Monday, March 28, 2022
Russia's central bank resumed its gold purchases from local banks today, but it set a fixed price on the precious metal.
Starting this week the Russian central bank will pay a fixed price of 5,000 roubles ($52) per gram between March 28 and June 30, the bank said on Friday. This is below the current market value of around $68.
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The central bank added that the resumption in buying will ensure supply and uninterrupted production of local gold.
Two weeks ago Russia's central bank announced that it was halting its official gold purchases from local banks due to a surge in demand from regular consumers. ...
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