Russia’s gold market has room to grow – report

Moscow, Russia. Credit: Wikipedia

Although it is still relatively small today, Russia’s gold investment market has headroom to grow, according to a World Gold Council (WGC) study.

For its latest retail insights report, the WGC conducted online interviews with more than 2,000 investors across the country to learn about their attitudes and behaviors towards the precious metal.

Overall, the results reveal ample scope for growth in Russia’s gold investment market: investors are positive towards gold.

Most investors believe gold offers security and holds long-term value as a hedge against currency and inflation fluctuations.

However, it is not currently considered a mainstream investment among Russians, though the WGC found there is a significant conversion opportunity. More than half of the respondents say they would consider doing so, despite never having invested in it previously.

The WGC study also reveals a need for more information around gold investing in Russia. Education is needed around the affordability of gold, how to buy it and the factors that drive the gold price.

Russian investors also need to feel more confident over the purity and veracity of the gold products on offer, and they need greater trust in the businesses selling them.

Established, reliable vendors, and rigorous assaying standards and trading practices may help to assuage these fears, the Council says.

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