WGC Foresees Opportunities for Gold Investment in Russia

SEATTLE (Scrap Monster): The new report published by the World Gold Council (WGC) focuses on Russia’s gold investment market. The report highlights strong positive feeling by Russian investors towards gold. However, it notes that gold investment market in the country has enough headroom for growth.

The survey conducted among over 2,000 investors from cities across the country indicates that 75% of the investors are quite confident that gold will never lose its value. Almost 68% consider gold investment as a safeguard against currency fluctuations and inflation. Also, 52% trust gold more than the currencies of other countries.

Gold comes last in the top six investments in Russia. Only less than one-fifth of the Russian population owns gold. Among these, coins are the most preferred choice. In fact, gold hold long-term appeal among investors.

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The lack of education and affordability act as the key barriers to gold purchases in Russia. The 20% VAT rate on bullion bar purchases tends to be a key deterrent to gold retail investment. The other main barrier to demand is the lack of trust in the purity of gold along with the fear of buying counterfeit products.

The yellow metal is yet to be established as a mainstream investment asset. The country showcases immense growth opportunities for gold investment.