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Russian central bank halts purchases of gold from banks to meet household demand

© Reuters. FILE PHOTO: An employee processes ingots of 99.99 percent pure gold at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk

(Reuters) – The Russian central bank said it will suspend the buying of gold from banks from Tuesday to meet increased demand for the precious metal from households.

“Currently, households’ demand for buying physical gold in bars has increased, driven, in particular, by the abolition of value-added tax on these operations,” the central bank said in a statement.

( This story corrects lede to show cenbank suspends gold purchases from banks from Tuesday, not Wednesday).

Russian central bank halts purchases of gold from banks to meet household demand

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