Russian banks in November lost interest in gold and reduced investments in it to the lowest level in a year and a half, writes RBC citing the statistics of Central Bank .
As of December 1, the balance of credit institutions had precious metals totaling 272.9 billion rubles. In November, banks sold 75.5 billion worth of metals, while their reserves fell by 21.7 percent.
In ruble terms, stocks of all precious metals in banks for 11 months of 2020 increased by 600 million rubles. However, in terms of gold, investments decreased by 15 percent – to 61.9 tons. This figure is the lowest since the summer of 2019, when it was 54.5 tons.
A multi-month peak in banks’ investments in gold came in August, when it amounted to 121 tons, or 567.8 billion in ruble terms. According to analysts interviewed by the publication, lending institutions, like investors around the world, viewed gold as the main protective asset amid the coronavirus pandemic and uncertainty in the stock market.
At this time, gold prices reached record levels – over two thousand dollars per ounce. Later, however, the cost of the metal decreased, and banks gradually reduced its reserves.