Rus News Journal

Growth of gold and exchange currency reserves of the Russian Federation was sharply slowed down

Volume of gold and exchange currency reserves of Bank of Russia for March, 24th has increased by 300 million dollars in comparison with the previous indicator and has made 204,4 mlrd dollars At the same time as experts mark, for last five working days growth of gold and exchange currency reserves of the Central Bank was considerably slowed down - one week ago reserves have increased on 2,4 mlrd dollars, two weeks ago - on 3,8 mlrd dollars, and three weeks ago - on 2,3 mlrd dollars
Continuous growth of gold and exchange stocks of the Central Bank of the Russian Federation proceeds since November, 18th 2005., i.e. already four with superfluous month successively. In this time they have raised more than on 41 mlrd dollars, or on 25 %. As a result the present size of gold and exchange currency reserves has reached the next record level for all history of the USSR and the Russian Federation.
at the same time, growth of gold and exchange stocks of the Central Bank for last five working days became the most insignificant since February, 24th, i.e. for a month. It is the proof of appreciable reduction of purchase by Bank of Russia of the American currency in home market.
we will notice that for today Russia on volume of gold and exchange stocks takes the fifth place in the world. Taiwan and furthermore the long period cannot overtake China and Japan, the Russian Federation on the given indicator still. However Russia has a chance already in the near future to outstrip South Korea, whose gold and exchange currency reserves make nearby 216 mlrd dollars and to affirm on the fourth place as the world. For this purpose gold and exchange stocks of the Russian Federation should grow less than on 12 mlrd dollars
Meanwhile in the urgent market of precious metals as of March, 28th 2006. The situation is characterised by reduction of prices on gold and silver. While the prices for gold and silver remained above the similar indicators established at date of the termination of the past week.
so, gold at Commodity exchange of New York (COMEX) has fallen in price on March, 28th all on 40 cents. The official price of the future for April has made 567,0 dollars/ ounce. The prices for gold have gone down for the first time after March, 23rd 2006. the Pause has been caused by expectations of the next increase which has taken place on March, 28th of base discount rate FRS the USA. Somewhat the situation also has been caused by forthcoming carrying over of active interest under transactions on contracts with delivery in June.
nevertheless, the prices under transactions with gold at the auctions were on March, 28th above quotations of the previous session and made 563,4 - 569,7 dollars/ ounce. Thus the transaction ceiling price corresponded to the record quotation for three weeks. Preservation of stable interest to gold was promoted by the high prices for oil and relative calm in the currency market. So, the prices for oil have grown on March, 28th to record level from the beginning of February 2006., having exceeded thus a mark 66 dollars/ barr. The dollar this day has become stronger concerning euro and other leading currencies formally a little. However demand for the American currency essentially has not increased.