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Precious metals exchange to open in Moscow

Moscow wants to protect its defence and construction industries from further growth in raw materials costs as prices for metals rise at a global level. (Stock Image)

Russia will soon begin trading precious metals on its Moscow stock exchange, RT reports.

The country has so far only been dealing with futures on gold and silver but traders will now be able to buy and sell gold, silver and eventually platinum and palladium at spot prices.

The metals will be priced in rubles and will be stored and delivered by the exchange.

Gold in Russia has only been selling over-the-counter and prices were based on quotes from the Central Bank.

“We are a gold-exporting country. We produce a large number of precious metals,” said Mikhail Orlenko, director of the exchange’s commodity market, as reported by RT. “However, the trade volume is still significantly lagging behind our peers. Our commodity market is not transparent.”

Russia accounts for 43% of global palladium production and is the second largest producer of platinum.

Creative Commons image by Dieter Karner.