Russian gold production soars

Lazy eyes listen


According to the most recent figures from the Federal State Statistics Service (Rosstat), Russian gold miners increased output by 26.5% year on year in March.

Gold production increased by more than 30% in March compared to February. The result for the first quarter was 9.1% higher than the same period previous year.

Meanwhile, according to Rosstat data, Russia’s production of the key metals silver, platinum, and palladium increased 14.1% year on year in March.

According to the Bank of Russia, the country’s bullion hoard has also grown over the last year. The CBR announced last month that gold reserves increased by 1 million ounces in the last year to 74.9 million ounces as of March 1.

According to the Finance Ministry, Russians purchased more than 75 tons of investment gold bullion in 2022, indicating an increase in demand for gold.

The Russian government abolished the 20% value-added tax on gold for individuals in March, as citizens hurried to park their assets in the face of sweeping Western sanctions. Several months later, the 13% income tax on profits from gold bar sales was also repealed. Since then, the country’s appetite for the precious metal has surged.