The Russian government has cancelled a massive gold sale due to the timing of the sale being leaked beforehand.
The sale was previously planned as a method for Russia to fill holes in the country’s budget deficit.
Commodity Online: “Due to the leak of the information the sale in the reported period and in the reported form will not take place,” said the government agent for precious metals sales.
The sale, had it gone ahead, would have been Russia’s first major bullion sale since the fall of the Soviet Union.
The sale of 50 tonnes would have represented as much as 1.25 per cent of annual global gold consumption and could have raised up to $1.7 billion (£1 billion) at current gold prices.