Gold is always the best choice for value-added preservation and risk prevention. Under the sanctions of Europe and the United States and the plunge of oil prices, Russia has unswervingly continued to purchase gold reserves. It is reported that the Russian central bank announced the gold reserves in August on Friday (September 18). Data, the results show that the Russian central bank continued to buy large amounts of gold reserves at low prices in August. In August, the central bank’s purchase of gold reserves reached its maximum level at least until March.
According to data from the Bank of Russia, the central bank bought about 1 million ounces of gold reserves in August, raising the central bank's gold reserves from 41.4 million ounces to 42.4 million ounces. The purchase amount is converted into metric tons of approximately 30.5 tons, and the purchase volume has reached the maximum level of 6 months.
In recent years, Russia’s strategy of increasing its holdings of gold has never been interrupted. Even if it is sanctioned by the international community and the international oil price is falling sharply, Russia is steadily increasing its holdings of gold. In the past year, the price of gold priced in rubles soared by 60%.
Russia is currently the world's sixth-largest gold central bank reserve country, second only to China, which has just updated its gold reserves. The central bank has purchased a large amount of gold reserves in recent years. Since 2005, the gold reserves have grown to three times the previous level, reaching the largest level since 1993. Although Russia has recently been sanctioned by Western countries for issues such as Ukraine, the purchase of gold reserves continues. The fall in crude oil prices has caused the ruble to depreciate, resulting in a rupee-denominated gold that has risen 60% in the past year.
Adrian Ash, director of research at Bullion Vault, said, “Russia has been working to increase its gold reserves for a long time, and the political taste of this action is particularly evident. The demand for gold in emerging markets continues to expand, which is evident for gold prices. Good information."
Russia bought about 13 tons of gold reserves in July and 24 tons in June. At the same time, China, Kazakhstan, Ukraine and Belarus are all countries that have recently expanded their gold reserves.
The world's largest online physical gold trader said that Russia has been increasing its holdings of gold reserves recently, indicating that emerging markets are still buying gold, which will provide support for gold prices.
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