Russian citizens' interest in physical gold has grown amid rising inflation and sharp currency fluctuations, the Kommersant newspaper reports.
A number of large banks have noted a moderate pick-up of demand in recent months, but a shortage of precious metals is not expected.
In particular, representatives of Tinkoff Bank noted a twofold surge in consumer activity in the last three months compared to last year, which the credit institution explains by the growth of inflation expectations.
At the same time, VTB expects the gold demand to grow by the end of 2023 against the background of stable sales during the reporting period. In turn, Sberbank noted a slight increase in interest in gold bars in September, however, representatives of the bank said that in recent months, sales have not been prone to bursts.
At the same time, Gosznak announced a sharp surge in buyer activity in July, which was 1.5 times higher compared to the average. In addition, according to the representative of the PSB bank, since the beginning of 2023, wealthy clients have purchased 3 tons of gold.
Despite the growth of consumer activity, banks declare their ability to meet customer demand for the purchase of gold bars from accumulated reserves. Thus, both VTB and Sberbank report significant reserves of bullion that can meet any customer demand.
Alex Shishlo for Rough&Polished
