VTB expects moderate growth in demand for gold by the end of the year

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AK&M 19 September 2023 16:48

To date, the portfolio of gold bars left in storage at VTB has exceeded 66 billion rubles, having increased by 40% since the beginning of the year. According to VTB estimates, a moderate increase in demand for precious metals is expected by the end of the year.

To fix the yield on gold bars, VTB launched a service for their repurchase. Investors will be able to sell physical bars if they purchased them and left them in storage at VTB. The value of gold is calculated according to the bank's quotes at the time of the transaction in rubles.

VTB Group is a Russian financial group comprising more than 20 credit and financial companies operating in all major segments of the financial market. In the CIS countries, the group is represented in Armenia, Ukraine, Belarus, Kazakhstan, and Azerbaijan. VTB banks in Austria, Germany and France operate under a European sub-holding headed by VTB Bank (Austria). In addition, the group has subsidiaries and associated banks in the UK, Cyprus, Serbia, Georgia and Angola, as well as one branch of VTB Bank in China and India, two branches of VTB Capital Plc in Singapore and Dubai.