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Russia adjusts gold buying strategy
Central bank changes fixed price policy to account for stronger ruble The Bank of Russia has amended its gold buying method due to the strengthening of the domestic currency and will now buy the precious metal at a “negotiated price,” the regulator said in a press release on Thursday. The policy becomes effective on Friday, April 8. On March 25, the central bank said it would buy gold at a fixed price of 5,000 rubles ($52) a gram until June 30. The fixed price was below the market value, with gold on the international market trading at roughly $62 per gram. The measure was implemented to support Russia’s national

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