OREANDA-NEWS  Russians bought more than 50 tons of gold bullion from January to November last year. For the first time, volumes reached such figures, before that the maximum figures were six to seven tons, the Ministry of Finance told Izvestia.

Ingots weighing one kilogram (60 percent of all sold) were the most popular, measured (weighing up to a kilogram) — 38 percent, standard (12.4 kilograms) — two percent. By the end of 2022, the demand of the population has shifted towards ingots weighing up to 100 grams.

Banks have confirmed the increase in demand for precious metals, in some it has increased by 16-18 times. The reason for this was geopolitical instability — gold is considered as a reliable protective asset, and the abolition of VAT also affected.

In the world, the demand for gold in 2022 increased by 18 percent, to 4,741 tons, which was a record value since 2011. This was due to the purchase of the precious metal by central banks, last year the figures reached a 55-year high.

Krishan Gopol, an analyst at the World Gold Council (WGC), said that banks chose the precious metal because, unlike reserve currencies, it is not controlled by foreign governments.