The volume of funds held in Russian metal accounts saw a dramatic year-on-year surge of nearly 56%, according to the latest statistics published by the Bank of Russia.
As of August 1, 2021, the holdings allocated in gold and other precious metals grew by 55.9% compared to the same date in the previous year. In physical terms, the growth totaled 31.6 tons to 88.2 tons from 56.7 tons recorded a year ago.
Russian state-controlled Sberbank became the leader with its metal-account balances increasing by 42.1%, or 16.3 tons. Meanwhile, balances on metal accounts in VTB Bank surged 105.6%, or by 12.2 tons.