China's procurement of Russian precious metals increased by 80%
Data from China's national trade statistics show that China's procurement of Russian precious metal ores and concentrates (including gold and silver) increased by 80% year-on-year, reaching $1 billion. According to Bloomberg, this growth is attributed to geopolitical instability and active purchases by central banks, which have driven gold prices to a new high in 28 years.
Russia is the world's second-largest gold producer (with an annual output of over 300 tons). After 2022, it lost access to Western trading markets. Previously, the Russian Central Bank was the largest buyer of gold, but it has reduced its purchases, making China its key sales market.
Domestic demand has also supported the industry: In 2024, Russian citizens set a record for purchasing investment gold bars and coins.
Norilsk Nickel increased its supply of palladium and platinum to China, with local prices rising by 38% and 59%, respectively. This growth highlights Russia's shift in exports toward Asian markets under sanctions.
Original article: https://www.toutiao.com/article/1838297225817088/
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