In 2023, individuals in Russia could lift their gold buying by a substantial margin, approaching a record range of 90 to 100 tons. This estimate, highlighted by independent industry and energy analyst Leonid Khazanov, points to a sustained rise after recent years of smaller volumes.
Past data show a clear progression. Official figures from the Russian Ministry of Finance indicated around 75 tons of personal gold purchases last year, while the 2020–2021 period saw just a few tons. The jump to 90–100 tons in 2023 would mark a notable new peak for private buying.
The driver for stronger demand appears to be multi-faceted. Restrictions on selling coins to the public have limited immediate access to certain forms of gold. At the same time, the domestic stock market has shown less vigor in the current year compared with 2022, contributing to a shift toward gold as a defensive asset. Broader global concerns, including fears of a potential U.S. default, also weigh on investor sentiment and support gold as a store of value.
Khazanov suggested that potential policy shifts could further affect demand. If authorities remove value-added tax on gold purchases made directly from refineries for the general public, it could widen access to gold products and stimulate broader buying. Such a development could lead to higher interest in gold among Russians across different segments of the market.
On a separate note, Göznak announced a plan to introduce gold bars of 10 and 20 grams for sale to Russian consumers. The plan includes the rollout of 50-gram bars in the near future, expanding the range of physical gold options available to buyers and potentially supporting continued demand growth.
Earlier reporting highlighted a strong uptick in investment-oriented gold demand within the domestic market, with purchases rising from around 5 tons to 75 tons by the end of the previous year, based on data from 2020–2021. Tax incentives and related fiscal measures have played a role in facilitating this expansion, underscoring how policy could influence private gold investment decisions going forward.