Individuals in Russia could increase their gold purchases by 20-33% in 2023 to a record 90-100 tons. About this RIA Novosti declaration Leonid Khazanov, independent expert in industry and energy.
“In 2023, gold purchases of individuals in Russia may reach the level of 90-100 tons, breaking a new record. Last year, they reached 75 tons, according to the Russian Ministry of Finance, but in 2020-2021 it was only 5 tons.
According to him, there are several reasons for the increased demand for gold from the Russians. In particular, there are now a number of restrictions on the sale of coins to the population. Also, the local stock market is much weaker this year than in 2022. The situation is also affected by fears of a possible default in the US.
He added that, considering the removal of VAT on gold purchases directly from refineries for the public, announcements could be made regarding the sale of the precious metal to everyone. This will only cause an increase in gold demand from the Russians.
17 May Göznak announced About the sale of gold bars of 10 and 20 grams to the Russians. Göznak will soon start selling 50 gram bars.
Prior to this, it was reported that the demand for gold for investment purposes in the Russian domestic market increased from 5 tons to 75 tons at the end of last year, according to 2020-2021 data. This is facilitated, among other things, by tax breaks.