Russia's Gold Bar Demand Surges 31% Amid Rising Prices
Russia has seen a significant surge in demand for gold bars, with sales increasing by 31% year-on-year in the first half of 2026. This trend is particularly notable given that investment gold coins also saw growth, albeit at a slower pace, with an 8% increase in demand.
The data comes from the Russian Agricultural Bank for the Siberian Federal District, which notes that the preference for gold bars over other precious metal products has become more pronounced. In contrast to gold, silver investment coins recorded a significant jump of 45%, but sales of silver bars declined by 4% during the same period.
Natalya Mikhailova, director of the Krasnoyarsk Regional Branch of the Russian Agricultural Bank, attributed the growing demand for gold bars to the abolition of value-added tax (VAT) on the precious metal. She noted that buyers are responding to rising gold prices and hoping to generate strong returns over a relatively short period.