Russian Bank: Demand for Gold Is Increasing as G7 Seeks to Use Frozen Russian Assets

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Central banks in developing countries are buying gold in response to efforts by the G7 group of economically developed countries to use billions of dollars worth of frozen Russian assets. The countries are trying to diversify their reserves. Investors' interest in gold is supported by concerns about the development of the global economy. The Russian Central Bank said this on Thursday.

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Interest in gold increases as G7 countries seek to use frozen Russian assets

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Emerging economies' central banks buy gold to diversify their reserves. They are being pushed to do so by efforts by the strongest G7 economies to use frozen Russian assets. This was announced by the Russian Central Bank on Thursday. This was reported by Reuters. The price of gold has risen 59 percent since the beginning of this year and is heading for the most significant full-year growth since 1979. It recorded an all-time high on October 20, …