The Russian central bank’s (CBR) Gold reserves have increased. Nonetheless, strategists at Commerzbank do not expect CBR to continue purchasing the yellow metal.
Russian central bank announces Gold purchases
“CBR announced last week that it has topped up its Gold reserves by 1 million ounces since the Ukraine war began 13 months ago. This is equivalent to 31 tons.”
“Originally, the CBR was not planning to buy any further Gold. However, it has clearly seen itself forced to do so in order to support the domestic Gold industry, as Russian Gold producers are having problems selling their Gold. Russian banks, which previously were the most important buyers, have been hit by the West’s sanctions.”
“What is more, re-routing exports to Asia does not appear to be happening as quickly as with Crude Oil. Hence, a longer stretch of Gold purchases by the Russian central bank cannot be expected.”
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