Russians from January to November 2022 bought more than 50 tons of gold bullion. For the first time, metal sales volumes have reached such figures: previously, the maximum figures were 6-7 tons, Izvestia was told in the Ministry of Finance. The department clarified that, for example, sales over the past year increased tenfold compared to both 2021 and 2020.
Of the volumes sold during the year, about 60% is occupied by ingots weighing 1 kg, measured (weighing up to 1 kg) – 38%, standard (12.4 kg) – 2%. And by the end of 2022, the demand of the population has shifted towards ingots weighing up to 100 grams, the ministry noted.
Bullion sales last year grew by almost 18 times compared to 2021, Sberbank told Izvestia. Citizens purchased 18 tons of gold bars and almost 2 tons of investment coins, and almost 9 tons were bought for metal accounts. In 2022, a record for the Russian market, more than 33 tons of gold bars were sold, VTB reported.
The volume of sales of precious metal bars to retail customers last year increased 16 times compared to the same period in 2021, the RSHB noted. Prior to the abolition of VAT, the demand for such assets was insignificant, but after that it increased significantly, especially for gold, Otkritie said. The MKB and PSB said that they sold 4 tons of gold in bars, and UBRD – about 1 ton.
Interest in gold from individuals remains, but it is calmer than in February-March 2022, Sberbank noted. Never before have Russians purchased bullion on such a scale, experts say. The reason for this dynamics was geopolitical instability – during such periods, gold is considered as a reliable defensive asset, and the abolition of VAT on its purchase also played its role.
Read more in the exclusive Izvestia article:
Ingots of society: the Russians for the first time bought more than 50 tons of gold
