VTB sold 33 tons of gold bars to individuals in 2023 – Kommersant
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Individuals purchased 33.2 tons of physical gold from VTB in 2023. December was a record month for ingots sold – 7.3 tons, which is 26% more than in November. Bank explains This is a seasonal factor and the desire of clients to protect their portfolio from the risks of ruble devaluation.
Since the bank began selling physical gold in March 2022, 65 tons have been purchased. The average transaction volume increased 1.5 times, to 20 kg. The largest number of transactions occurs in Moscow – 59.2 tons since the beginning of sales. High demand is observed in St. Petersburg, Nizhny Novgorod, Voronezh, Krasnodar and Tula. VTB experts consider 2024 favorable for the gold market. It is expected that the price may rise to $2.2 thousand per ounce.
In 2023, gold was in high demand among Russian private investors. According to experts interviewed by Kommersant, compared to last year, there was a redistribution of demand between the largest banks. In particular, sales of precious metals at Sberbank decreased, while Promsvyazbank, Sovcombank and Tinkoff Bank increased them.
Read more about the demand for gold in Russia in the Kommersant article. “Investments are written smoothly”.
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