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Gold Prices in Russian Rubles
Gold is traded all over the world. Gold can be quoted in and transacted in any currency. Prices are quoted by the ounce, gram and kilogram. If you are buying or selling gold in Russia, prices would be quoted in the various weights using the local currency: the Russian Ruble.
The Russian Ruble is the official currency of Russia, Abkhazia and South Ossetia. It is also the currency for two unrecognized republics of Luhansk and Donetsk. The ruble was the first currency to use a decimal system, and can be subdivided into 100 smaller currency units known as kopeks.
The Bank of Russia is the nation’s central bank. Its primary responsibility is to maintain and control the nation’s currency, the ruble. The Bank of Russia is also tasked with regulating the country’s banking system and issuing ruble banknotes and coinage. The central bank is headquartered in Moscow.
The Russian central bank, like many other central banks, holds part of its reserves in gold. The central bank has been steadily adding to its gold holdings, and according to Tradingeconomics.com, Russia held 1542.66 tons of gold as of the third quarter of 2016.
Central banks may buy and hold gold bullion to diversify their reserves and to promote stability in their currency. Russia may be boosting its gold holdings as it looks to move further away from the U.S. Dollar.
The Pricing of Gold in Russian Rubles
Gold is a global market, and as such, prices are always on the move. Gold prices can be affected by many different factors, and these factors can have a ripple effect on the price of the metal all over the world. Some of the primary influences on the price of gold include:
- Interest rates
- Currency markets
- Central bank activity
- Investment demand
- Jewelry demand
The Saint-Petersburg Mint
The Saint-Petersburg Mint was established in 1724 by Peter the Great, and is one of the largest mints in the world. In addition to coins, the mint also produces medals, commemorative coins, lapel pins, tokens, trinkets and more. The mint is also now actively involved in the production of fine jewelry.
The Saint-Petersburg Mint utilizes some of the most advanced minting technology anywhere in the world, allowing it to handle even the most challenging designs and geometric shapes.
The Moscow Mint
The Moscow Mint was established in 1942 and was in charge of the production of military medals and orders. The mint has expanded its operations significantly since its beginnings, and today is involved in numerous other areas. In addition to coins made from gold, silver and base metals, the mint is also involved in the production of medals, souvenirs, lapel pins and more. The mint produces coinage for the Bank of Russia as well as other countries.
The Russian Economy
The economy of Russia is a mixed economy. The Government of Russia has ownership stakes in key economic areas such as defense and energy. Natural resources play a vital role in the Russian economy. By some estimates, Russia contain nearly a third of the world’s natural resources. Russia has large amounts of crude oil and natural gas, and these commodities account for the majority of Russian exports. The country’s petroleum industry is one of the biggest in the world, and Russia has the largest natural gas reserves. Natural Gas giant Gazprom was formed in 1989. Even though the company is private, the Russian Government maintains an ownership stake in the company. Gazprom also has numerous subsidiaries in various arenas.
Russia is also involved in the global diamond trade, and is the world’s largest producer.
Russia has a significant defense industry that employs millions.
With its significant natural resources, Russia is also heavily involved in the mining industry. Russia has been a significant producer of copper, aluminum, arsenic, palladium, silicon and more.
As the Russian economy expands, demand for gold could potentially increase. Russia’s central bank could potentially look to add additional gold to its current holdings, and individual investors could also look to the yellow metal for diversification purposes.