The Bank of Russia in April not bought gold in reserves
The Bank of Russia in April, as was announced, not bought gold in reserves, follows from the materials of the Central Bank. As of may 1, the volume of stocks of monetary gold in international reserves remained at the level of 1 April to 73.9 million ounces (2,299 tons).
The cost of gold in reserves, as follows from the materials of the Central Bank, due to the growth of prices increased by 5.2%, to $126,08 billion This is 22.3% of the total volume of reserves of the Russian Federation.
From the beginning of 2020, the CBR has purchased 0.9 million ounces (28 tonnes) of gold. The volume of gold reserves in the international reserves of the Russian Federation increased by 1.2%. Monetary valuation of gold in reserves jumped by 14.2%.
At the end of March, the Bank of Russia, which over the past few years has been the largest consumer of gold in the country, announced that from April 1 to suspend the purchase of gold on the domestic market of precious metals.
According to the Director for interaction with Board members and markets of the world gold Council (WGC) John Mulligan, the Central Bank decision is surprising, because the gold reserves has reached 20% of its reserves and the price of gold is currently high. The Central Bank has sent the market a few signals that minimizes procurement, said Mulligan. The Bank of Russia significantly slowed the rate of purchase of gold from 274 tons in 2018 to 158 tons in 2019, and in may last year introduced the discount on the purchase price.