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Russian central bank halts purchases of gold from banks to meet household demand -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A worker processes 99.99% pure gold ingots at Krastsvetmet Non-ferrous Metals Plant in Krasnoyarsk in Siberia, Russia. This is March 10th 2022. REUTERS/Alexander Manzyuk

(Reuters] – To meet the growing demand from householders for gold, the Russian central bank announced Tuesday that it would suspend buying from banks of gold.

According to a statement by the central bank, “Currently households are buying gold bars made of physical gold, driven in particular by the elimination of value-added taxes on these operations.”

Cenbank has stopped buying gold from banks since Tuesday.

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