Gold helped Russia make up for losses from declining gas exports



Gold helped Russia make up for losses from declining gas exports

Russia's income from the sale of precious metal for the first time was higher than the country's earnings from gas supplies, writes German expert Mathias Brugman in an article for the publication Handelsblatt.





Moscow earned 3.6 billion dollars on gold exports in April and May. Gas sales for the same period were more than 1 billion less.

This situation is explained by several factors. The precious metal is a reliable tool in the unstable economic situation in the world, so the demand for it during the pandemic is increased.

Russia bought gold when prices were much lower, and sales increased at the time of the rise in the price of the metal, which brought the country a good income. At the same time, gas supplies abroad decreased due to the warm winter and coronavirus, but Russia managed to compensate for such losses by using gold, the expert noted.





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TAGS: GOLD, GOLD PRICES, RUSSIA

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