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Russia will stop purchases of domestic gold
By Yuliya Fedorinova and Elena Mazneva
Monday, March 30, 2020
Russia's central bank, the world's biggest bullion buyer, will stop domestic gold purchases starting next month.
The central bank didn't explain the move, saying only that future decisions will depend on the state of financial markets, according to a statement released today.
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The coronavirus outbreak has upended the global gold market by grounding thousands of flights that deliver the metal to banks and dealers around the world, causing shortages in key markets. While there's plenty of metal available, it's not always in the right place.
More gold from Russia could ease the tightness in the market. Suppliers may turn to chartered flights as a way to reach key buyers, said Eduard Rybkin, deputy head of the precious metals division at Lanta Bank in Moscow. ...
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