In the context of a sharp strengthening of the ruble against the dollar, the attractiveness of gold for Russians is declining, Izvestia was told in large credit and brokerage organizations.
Demand remained high until the end of March – beginning of April, until the USD / RUB rate reached 70, and then a fall began, which slowed down retail purchases of gold and silver bars, as well as coins, Oksana Lukicheva, an analyst for commodity markets at Otkritie Investments, noted .
By the end of April, the demand for the metal dropped significantly compared to the level of March, but it still outpaced last year’s figures by half, PSB estimated.
Whereas earlier there was an explosive growth in demand for investments in precious metals. Russians’ interest in gold increased 23 times in the first three months of this year compared to the previous year, Ak Bars Bank said.
The largest peak was observed in March. A rapid increase in investments by individuals in precious metals occurred at the beginning of the spring of 2022, the PSB noted. Compared to the same period in 2021, the volume of deposits in bank accounts in precious metals increased tenfold, as did the demand for gold bars. Increased interest in investing in gold in the retail segment since the beginning of March has also been recorded in Sovcombank, and in the MCB – in gold bullion coins.
However, despite the decrease in the attractiveness of gold and the expected pressure on its value due to the tightening of the Fed’s policy, experts recommend considering it as a defensive asset.