Russian Central Bank Sees No Need to Restart Gold Buying


MOSCOW, April 29 (Reuters) – Russia’s central bank sees no current need to restart purchases of gold for its reserves, it said in a letter to an association of Russian banks, a copy of which was seen by Reuters on Wednesday.

The association previously asked the central bank to resume buying gold as, it said, exports of the precious metal were hobbled by the coronavirus outbreak that has grounded passenger flights used to transport the metal.

The central bank suspended gold buying for its reserves on April 1, when it held 73.9 million troy ounces of gold with a value of $120 billion.

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