Demand for gold bars in Russia has risen sharply, with sales increasing significantly in the first half of 2026.

Gold bar sales climbed 31% year-on-year during the January-June period, according to the Russian Agricultural Bank for the Siberian Federal District, The Caspian Post reports, citing TASS.

Investment gold coins also recorded growth, with demand increasing by 8%, suggesting that gold bars have recently become the preferred investment option for many individuals.

The trend was different for silver, however, as demand for silver investment coins jumped 45%, while sales of silver bars declined by 4%.

Natalya Mikhailova, director of the Krasnoyarsk Regional Branch of the Russian Agricultural Bank, attributed the growing demand for gold bars to the abolition of value-added tax (VAT) on the precious metal. She said buyers are responding to rising gold prices and are hoping to generate strong returns on their investments over a relatively short period.