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Russian central bank switches to negotiated price for gold purchases
By Peter Hobson
Thursday, April 7, 2022
Russia's central bank said today that due to a "significant change in market conditions" it would buy gold from commercial banks at a negotiated price from April 8.
On March 25, the bank had said it would buy gold at a fixed price of 5,000 roubles a gram until June 30.
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Since that announcement, the rouble has strengthened sharply against the dollar. Five thousand roubles was worth around $52 on March 25 and around $63 today.
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