Gold production in Russia in 2017 will grow by 2-2.5%, to 304-305 tons, according to the Union of gold-miners of Russia. The union expects the average price to hit $1.27 thousand per 1 gold ounce.
“Under the expected cross-rate of the ruble to the dollar at 57-65 rubles per dollar, we believe the ruble price of gold will remain on the comfortable level for local companies”, the union stated in its report.
In 2016 the Bank of Russia bought 199 tons of locally produced gold.
Last year Russia produced 297.393 tons of gold, up by 1.2% YoY, while exports dropped by 43% YoY, to 22.4 tons. (Ukrainian metal)