Russians purchased report variety of gold bars in 2022, information reveals

  • This content material was produced in Russia, the place the regulation restricts protection of Russian navy operations in Ukraine.

MOSCOW, Feb 3 (Reuters) – Russians purchased an all-time report variety of gold bars in 2022, finance ministry information confirmed on Friday, as tax cuts on valuable metals inspired folks to top off on bullion as a protected asset.

Moscow scrapped its 20% VAT on bodily gold trades for people final March in a bid to attract folks away from utilizing the U.S. greenback as a protected haven.

It additionally exempted folks from paying earnings tax on income gained from promoting gold bars, additional boosting demand for the metallic.

Based on the info, Russians purchased over 50 tonnes of gold bars in 2022, ten occasions greater than the 12 months earlier than. Essentially the most wanted have been 1 kilogram bars which accounted for about 60% of these offered.

The figures usually are not but remaining and solely cowl the interval ending November 2022, the finance ministry informed Reuters.

State-controlled VTB Financial institution (VTBR.MM) stated it offered 33.8 tonnes of gold bars to clients in 2022, with shoppers holding 50 billion roubles ($711 million) price of the metallic.

Newest Updates

View 2 extra tales

“Gold was an excellent protecting monetary resolution final 12 months,” stated Yevgeny Beresnev from VTB’s funding merchandise division.

“Clients shifted funds into this instrument with a purpose to diversify their belongings and make a revenue when long-term planning.”

($1 = 70.30 roubles)

Reporting by Darya Korsunskaya and Elena Fabrichnaya; Writing by Caleb Davis; Modifying by Christina Fincher

Our Requirements: The Thomson Reuters Belief Rules.

Source link

Related articles

Apple CEO praises China’s innovation, lengthy historical past of cooperation on Beijing go to By Reuters

© Reuters. FILE PHOTO: Apple CEO Tim Cook dinner attends the Apple Unique Collection “Ted Lasso” Season 3 Crimson Carpet Premiere at Westwood Village Theater, Los Angeles, California, U.S., March 7, 2023. REUTERS/David...

Masonite Worldwide: The Market Is Not Pricing This As A Cyclical Firm (DOOR)

Not all of the income got here from the residential markets. There's the European and non-residential markets which can not by cyclical. A extra correct image could be to worth these non-cyclical...

Gordon Moore, Intel co-founder and creator of Moore’s Legislation, has died

Gordon Moore, certainly one of Intel’s co-founders and a Silicon Valley titan, died at this time at 94 years previous, based on a press launch from the corporate. He was a part of...

Crypto-friendly Custodia Financial institution Faces Setback As Fed Denies Utility For Supervision

The Crypto-friendly Custodia financial institution, based by Caitlin Lengthy, a well known determine within the crypto trade, has been denied its utility to come back below the supervision of the U.S. Federal Reserve...

US Justice Dept’s Google promoting case will get fast-paced schedule By Reuters

© Reuters. FILE PHOTO: The brand of Google LLC is seen on the Google Retailer Chelsea in New York Metropolis, U.S., January 20, 2023. REUTERS/Shannon Stapleton/File Photograph By Mike Scarcella (Reuters) - A federal...

Latest articles


Please enter your comment!
Please enter your name here