Russia made up to $1.68 billion selling 300,000 ounces of gold in January as prices hit record highs | Metals Mine

  • Russia made up to $1.68 billion selling 300,000 ounces of gold in January as prices hit record highs

    From kitco.com

    Russia’s central bank sold a significant amount of gold from its reserves in January as prices hit all-time record highs above $5,500 per ounce, according to the latest data from the Central Bank of Russia (CBR). The country sold 300,000 ounces, the CBR announced on Friday, lowering its total gold holdings to 74.5 million ounces. This was the first decrease in Russia’s gold reserves since October. Gold prices averaged roughly $4,700 per ounce in January, but peaked at $5,600 per ounce, so the bullion sales likely brought in somewhere between $1.41 billion and 1.68 billion. Even with the sale, the value of ... (full story)

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