Gold News: "With the gold price now 36% below its Dollar record of September 2011, Russia's state treasury Gokhran – the official trader of gems and precious metals – is preparing to buy gold on the domestic market after a two-year gap, Reuters reports.
Invited to sell gold onto the open market when prices neared their 2011 peak, "We were forbidden to buy gold directly [from Russian miners]," a source tells the newswire.
"If we receive permission, we will be happy to start buying gold again," the source added.
Russia's central has continued to acquire gold bullion for its own reserves, adding more than 78 tonnes in the last 12 months and rising to 7th place amongst the largest nation-state holders.
Western Europe's central banks, in contrast, have so far sold only 4.3 tonnes of the 400-tonne limit set by their Central Bank Gold Agreement this year."
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