October 18, 2017 / 1:02 PM / in 3 months

Russian cenbank to buy gold on Moscow Exchange starting Nov. 1

MOSCOW, Oct 18 (Reuters) - Russia’s central bank will buy gold for its reserves on the Moscow Exchange starting Nov. 1, the regulator said on Wednesday.

Reuters, citing people familiar with the matter, reported on Oct. 10 on the bank’s plans to start buying gold on the exchange.

The central bank set out in a statement how it will conduct the purchasees. It said after the publication of morning auction results by the London Bullion Market Association (LBMA), it will post its “buy” bids three times at five-minute intervals.

Its bids will be at current market prices, but not higher than the rouble equivalent of LBMA’s morning gold price (LBMA GOLD PRICE), the central bank said. (Reporting by Gabrielle Tétrault-Farber; Writing by Dmitry Solovyov; Editing by Christian Lowe)

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