Russia's Central Bank To Buy More Gold

The Central Bank of Russia plans to increase the share of gold in Russia's gold and currency reserves, the bank's Chairman Sergei Ignatyev told journalists, RBC reported.

He commented that gold and currency reserves had advanced considerably recently, mainly thanks to the Central Bank's currency purchases. As such, the share of gold has fallen sharply and it will take several years to raise it, Ignatyev underscored.

In total, the gold and currency reserves contain 380 tons of gold at a market price of $16 per gram. This share costs $6bn, and all reserves cost approximately $165bn. The Central Bank plans to buy gold on the market, the official added.