Russians buy record amount of gold bars in 2022
Russians bought an all-time record number of gold bars in 2022, finance ministry data showed on Friday, as tax cuts on precious metals encouraged people to stock up on bullion as a safe asset.
According to the data, Russians bought over 50 t of gold bars in 2022, ten times more than the year before. The most sought after were 1kg bars which accounted for about 60% of those sold. State-controlled VTB Bank said it sold 33.8 t of gold bars to customers in 2022, with clients holding 50-billion roubles worth of the metal.
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