WGC Underscores Russia's Close Association with Gold

The Council underscores the need for regulatory changes, in addition to introduction of a wider range of gold-backed investment products, in order to fully tap the market potentials.

SEATTLE (Scrap Monster): The latest report published by the World Gold Council (WGC) discusses the case for gold in Russia. The trade body notes that Russia has long had a close connection with gold.

The consumers in Russia have long recognized the benefits of gold as an asset and as a means of savings. This leaves major opportunities for opening up the gold market in the country to satisfy the strong investor demand. There has been a robust demand from institutional investors also. The Council underscores the need for regulatory changes, in addition to introduction of a wider range of gold-backed investment products, in order to fully tap the market potentials.

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The gold investment market in Russia has remained relatively underdeveloped for many years, when compared to the rapid growth witnessed in China and European region. The key barrier to potential gold market development in the country is the hefty 20% value-added tax on bullion bar purchases.

A survey conducted among Russians indicates that investors are positive towards gold, although only 16% of the surveyed had investment in gold. Nearly 75% agree that gold in unlikely to lose its sheen. Also, 68% believe that investment in gold is a better safeguard against inflation or currency fluctuations.

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