Russia opens second gold exchange

VTV.vn - The plan to launch gold bar trading on the St. Petersburg Exchange was announced at the St. Petersburg International Economic Forum.

Gold is displayed at the Shchyolkovo plant of the Yuzhuralzoloto Precious Metals Group, Russia. Photo: TASS/TTXVN

On October 20, the St. Petersburg International Bullion Exchange was officially opened, with the support of the Goznak agency. Initially, only legal entities were allowed to participate in trading gold bars weighing from 20 grams to 1 kilogram.

Although the first day only recorded one transaction of 1 kg of gold worth 11.04 million rubles (about 136,000 USD), the exchange is expected to compete strongly with the Moscow Exchange thanks to low costs and narrow price spreads.

Unlike Moscow, where “paper” gold is traded through derivative accounts, the St. Petersburg Exchange trades physical gold, similar to the London Gold Market (LBMA). According to expert Alexander Potavin, this form provides “special guarantees” for investors, helping them hold real assets instead of depending on the financial system.

The launch of the physical gold exchange is aimed at increasing Russia's autonomy in pricing and exporting gold amid limited access to Western markets, Russian Deputy Finance Minister Alexey Moiseyev said. He estimated that at least a quarter of Russia's annual gold production could be traded there.

In 2021, Russia produced 346.4 tons of gold. In 2025, the total trading turnover of the St. Petersburg Stock Exchange exceeded 2,300 billion rubles, of which oil accounted for the majority. In September 2025, Russia also increased its international gold reserves by 3.1 tons, reaching 2,329.65 tons.

Source: https://vtv.vn/nga-mo-san-giao-dich-vang-thu-hai-10025102208005889.htm