Putin's war on Ukraine sent Russians scrambling to buy gold and stash their savings, fueling a fivefold surge in demand
Moscow's war on Ukraine sent Russians lining up to buy gold bars and coins as they sought a safe haven for their savings, causing the country's appetite for the metal to almost quintuple.
At one point, Sberbank, a large Moscow-based state-owned bank, cautioned clients about a possible shortage of smaller-size gold bars, the preferred size for many buyers, according to the FT. Even the central bank was forced to step in to cool the market, by suspending its own gold purchases for a fortnight in March.
"As long as we experience geopolitical instability, the demand for gold may be significant," Nesis said.
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