Gold demand to hit record with central bank buying, WGC says

The share of Russian origin stocks in LME-registered warehouses has been gradually rising this year.

The company had planned to separate its Russian and Kazakh businesses.

Russia gets around a third of its budget revenues from the oil and gas industry.

Net profit dropped from $5.1 billion to $1.1 billion in the first six months of the year.

Kazakhstan’s central bank is looking to cut the metal’s share to as low as half of its $34.5 billion reserves.

The London Metal Exchange is coming under renewed pressure to exclude Russian aluminum from its warehouse system.

A Polyus representative said a large shareholder had submitted a bid to sell part of its stake and that a large number of retail investors had participated.

For 2023, the company is on track to reach its 2023 production forecast.

While there are no sanctions on Russian metal, consumers are ignoring aluminium produced by Rusal, which accounts for 6% of global supplies.