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Bank of Russia to start buying gold on Moscow Exchange

October 18, 18:01 UTC+3

The Bank of Russia purchased gold earlier from banks on the over-the-counter market only

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MOSCOW, October 18. /TASS/. The Bank of Russia will start posting gold purchase bids during the trading sessions at the Moscow Exchange from November 1, 2017, the regulator said on Wednesday.

"Starting from November 1, 2017, the Bank of Russia will post gold procurement bids during trading sessions of the Moscow Exchange along with gold purchases on the over-the-counter market for purposes of developing the organized market of precious metals and increasing the number of counterparties," the Central Bank said.

The purchase bids will be posted thrice with a 5-minute interval at current market prices but not above the ruble equivalent of LGMA Gold Price in the morning.

The Bank of Russia purchased gold earlier from banks on the over-the-counter market only.

The Central Bank is the leader in gold reserves increment among central banks of the world for five years in succession. It purchased 201 tonnes of gold last year and plans to buy about 200 tonnes in 2017.

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