Russia’s VTB Capital cuts gold exports

  • News Digest

Dec 27, 2018-

Russia’s VTB Capital, one of the country’s biggest gold traders, reduced gold exports in 2018 due to higher demand from Russia’s Central Bank and lower demand in China, its commodities head, Atanas Djumaliev said. The Russian central bank, one of the world’s largest holders of bullion, has increased purchases for its gold and foreign exchange reserves this year amid geopolitical risks. Some market players consider gold as a safe-haven asset in times of high economic and geopolitical risk. “(Our) gold sales were lower in 2018 compared with the previous year. To a greater extent it was caused by the activities of Russia’s Central bank, which was our most active client this year and which was significantly increasing its gold reserves,” Djumaliev said in an interview with Reuters. (REUTERS)

Published: 27-12-2018 10:55

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