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People rushed to hoard, Russian banks sold tons of gold in March

VTB Bank – The second largest bank of Russia, controlled by the government – said it sold 1 ton of gold in March; and it is forecast that the demand for holding gold of this country will continue to increase in the coming time.

Since starting to sell gold 4 weeks ago, VTB Bank has received more than 200 orders. In which, the most requested product is gold bars per kg. According to the current market price, this gold block is worth more than 68,000 USD. The bank also revealed that the average order volume is around 5 kg.

According to VTB Bank, the demand for this precious metal increased due to the unclear geopolitical situation. In addition, the sanctions imposed by the West on Russia are hurting the country’s economy and the purchasing power of the ruble.

Gold allows domestic investors to diversify and protect their portfolios during a period of “increasing uncertainty,” VTB Senior Vice President Dmitriy Breytenbikher said in a recent announcement.

“Gold has always been a defensive instrument, showing its best qualities over a three to five year period. During periods of high risk, this asset allows you to diversify your portfolio, hold value savings and preserve capital for future generations,” added Mr. Breytenbikher.

VTB is not the only bank with a spike in gold sales. Two weeks ago, Sberbank – Russia’s largest bank – said that demand for gold and the precious metal palladium had quadrupled in the past few weeks.

Previously, the Central Bank of Russia had to suspend the purchase of gold from banks from March 15 to meet the increased demand for gold of the people, after the country announced the removal of VAT for people. buy gold. It is known that the previous VAT amounted to nearly 20%.

This agency recently resumed buying gold with banks from March 25. However, the purchase price will be fixed at 5,000 rubles (equivalent to 52 USD) per gram. According to the Central Bank of Russia, continued purchases of gold will help ensure a sustainable and uninterrupted supply by producers.

Refer to Kitco, Reuters

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