Secondary gold market in Russia grows by 20% in 2024

Increased supply of investment bars and rising gold prices are driving the expansion of the secondary market for the metal in Russia. In 2024, the volume was 30 tonnes, up 20% year on year, and is expected to grow by another 5-10% in 2025.

The ban on the export of scrap precious metals may increase the utilisation of refineries in Russia, but experts also predict risks of pressure on domestic prices. According to traders and analysts, the secondary gold market could grow by 2025, driven by scrap gold recycled by pawnbroking organisations and wholesale