People in Russia buy a record volume of gold bars

Gold is a safe haven, especially in times of crisis, as many people tend to buy it to hedge against inflation, and in the past two years, gold prices have risen in light of the Corona virus crisis and its consequences.

According to a report published by the newspaper “Izvestia” today, the purchases of individual Russian citizens of gold bullion and coins in the first nine months of 2021 reached a record high, the highest since 2014.

The report indicated that the purchases of gold by Russian citizens reached a record number and amounted to 4 tons of the precious metal.

Regarding the reasons for the demand for the yellow metal, the report indicated that the main reason for the increase in demand is the demand of investors for precious metals as a safe haven against the risks of inflation and currency exchange rate fluctuations in light of the Corona pandemic.

With regard to the position of the precious metals market, the World Gold Council said that interest in the asset is supported by geopolitical tensions, low deposit rates and instability in stock markets.

In terms of trading, gold futures contracts are trading today at $1778 per ounce, after they were traded at the level of 1450 at the beginning of the year 2020.