Traders Bet That Russia Will Start Selling Gold

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Russia’s surprise interest-rate increase failed to stop the plummeting ruble. Another tool available to repair economic havoc caused by sanctions and falling oil prices: selling gold.

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Russia holds about 1,169.5 metric tons of the precious metal, the central bank said last month. That’s about 10% of its foreign reserves, according to the London-based World Gold Council. The country added 150 tons this year through Nov. 18, central bank Governor Elvira Nabiullina told lawmakers. The Bank of Russia declined to comment to Bloomberg News about its gold reserves. 

On Thursday, December 18, the day’s biggest mover was Japanese palladium bar, which saw a 2.8% decline to JPY 3,116 ($26.20) per gram. Chinese palladium bar closed 0.6% lower at CNY 174.00 ($28.00) per gram. The price of US palladium bar steadied at $780.00 per ounce following two-days of dropping prices.

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The price of Japanese platinum bar declined 1.0% to JPY 4,515 ($37.96) per gram. The price of Chinese platinum bar fell 0.4% to CNY 255.00 ($41.04) per gram. The price of US platinum bar flattened at $1,192 per ounce after two days of downward movement.

Chinese gold bullion saw its price rise 0.5% to CNY 240.30 ($38.67) per gram. Indian gold bullion ended the day at INR 27,181 ($431.48) per 10 grams, after the 0.5% drop on Thursday. At JPY 4,501 ($37.84) per gram, Japanese gold bullion fell 0.2% yesterday. US gold bullion held its value yesterday at $1,195 per ounce.

Indian silver prices saw a 0.2% decline to INR 37,428 ($594.14) per kilogram. The price of Chinese silver flattened at CNY 3,425 ($551.23) following two-days of declines. At JPY 606.00 ($5.10) per 10 grams, the price of Japanese silver was essentially unchanged. The price of US silver remained essentially flat at $15.71 per ounce.

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