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    Russian Finance Ministry Set to Sell Gold Nuggets at Auction

    © Sputnik / Alexander Liskin
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    The Russian Finance Ministry will hold a public action to sell gold nuggets from the State Fund to the domestic market.

    The auction is scheduled on April 26. The total weight of gold for sale is 751.6 grams. A total of 132 pieces of gold will be put up for sale, ranging from 0.2 to 38.3 grams.

    The biggest gold nuggets weighing 38.3 and 21.7 grams were found at the Bilibinsky Mining and Processing Plant, in the Chukotka Region.

    As of April 12, the gold price was $1,260 per troy ounce. In the first quarter of 2016, the price of the yellow metal increased by 16.5 percent, the highest rate since 1986.

    In December, gold prices hit a record low for the last five years. The surge in the beginning of 2016 was due to investors’ concerns over the future of the global economy. Capital owners see gold as a safe asset.

    On March 28, the International Monetary Fund (IMF) reported that the Russian Central Bank had become the world’s leading buyer of gold when it purchased 356,000 ounces of the precious metal in February.

    Russia increased its reserves of monetary gold by 208.4 metric tons in 2015 and will continue to buy the precious metal at a growing pace.

    Gold reserves have been used by the country's Central Bank to support the ruble exchange rate. In November 2014, the bank allowed the ruble to trade freely and stopped selling bullion. In November 2014, the value of Russia's gold reserves reached $510.5 billion.

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    Tags:
    gold reserves, economy, Russian Finance Ministry, Russian Central Bank, Russia
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