Russian Banks Mull Exporting More Gold
- The central bank has introduced a discount on gold purchases
- Russia wants to develop its domestic market for bars and coins
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Russian banks are considering increasing gold exports after the central bank said it would only buy at a discount, a move that could potentially pressure global bullion prices.
The Bank of Russia made the change to its pricing policy this year, saying it would buy from dealers at a level slightly below the benchmark London gold price. It’s part of a broader policy push to stimulate growth in the market for gold as a financial investment, namely bars and coins, rather than foreign currencies or assets priced in U.S. dollars.