MOSCOW (Reuters) -Russia’s central bank said on Thursday that central banks in \u200bemerging markets were buying gold to diversify their \u200cinternational reserves due to an attempt by the G7 to use billions \u200cof dollars of frozen Russian assets.<\/p>\n
On track for its biggest yearly rise since 1979, gold is up 59% so far this year after hitting a record high \u2060of $4,381 a \u200ctroy ounce on October 20 on safe-haven demand driven by geopolitical tensions and U.\u200dS. tariff uncertainty.<\/p>\n
The central bank said that investor interest in gold was rising due to uncertainty about global growth.<\/p>\n
“At \u200bthe same time, the precious metal is receiving \u200cadditional support from steady demand from central banks in emerging market economies, which continue to diversify their international reserves amid discussions by the G7 on the use of frozen Russian assets,” the central bank said.<\/p>\n
Of \u2060some $300 billion in frozen Russian \u200bassets, 210 billion euros (\u200b$243 billion) are held in Europe, of which 185 billion euros are in Euroclear,\u200d a Brussels-\u2060based central securities depository.<\/p>\n
Russia’s gold and foreign exchange reserves stood at $734.1 billion as of \u2060Nov. 14.<\/p>\n
($1 = 0.8630 euros)<\/p>\n
(Reporting by \u200cElena Fabrichnaya and Olesya AstakhovaWriting by Maxim Rodionov;\u200c editing by Guy Faulconbridge)<\/p>\n","protected":false},"excerpt":{"rendered":"MOSCOW (Reuters) -Russia’s central bank said on Thursday that central banks in \u200bemerging markets were buying gold to…\n","protected":false},"author":2,"featured_media":158543,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,7470,104631,219,34288,61414,31937,111,139,69,104630],"class_list":{"0":"post-158542","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-central-banks","10":"tag-central-securities-depository","11":"tag-economy","12":"tag-emerging-markets","13":"tag-g7","14":"tag-international-reserves","15":"tag-new-zealand","16":"tag-newzealand","17":"tag-nz","18":"tag-russias-central-bank"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/158542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=158542"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/158542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/158543"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=158542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=158542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=158542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}