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Russia’s Top Gold Buyer Bets on Precious Metals as Virus Rages

  • Central banks will likely continue offering stimulus: Soloviev
  • VTB’s 2020 profits from gold exceed the previous three years’
Day Two of the St Petersburg International Economic Forum 2019
Photographer: Andrey Rudakov/Bloomberg

VTB Bank PJSC, Russia’s second-biggest lender, is betting on gold and other precious metals to boost profits this year as investors flock to havens amid the global pandemic.

The bank is prioritizing physical gold trading, as well as lending to mining companies and deals with their shares, because they are one of the few sectors to benefit from Covid-19, First Deputy Chairman Yuri Soloviev said in an interview.