Russia’s Gokhran to Acquire 400kg of Palladium by March 20

Gokhran of Russia, the governmental institution responsible for the storage of precious metals and gems, has announced its intention to purchase 400 kg of refined palladium in standard ingots for the State Fund of the Russian Federation by March 20, 2024. This move is part of the country's strategy to augment the liquidity of its state reserves with high-value assets.

Interested suppliers have until February 27 to submit their proposals, with a minimum delivery volume set at 100 kilograms. This acquisition aligns with the Russian Federation's Ministry of Finance draft budget for 2024-2026, which earmarks 51.5 billion rubles in 2024 for the procurement of precious metals and stones, including refined gold, silver, platinum, and palladium.

The initiative to enhance the State Fund of Russia with additional precious metals investments will continue over the next few years, with allocations of 38.9 billion rubles in 2025 and 38.8 billion rubles in 2026 dedicated to these purchases.