Russia's central bank to suspend gold purchases on domestic market from April 1

Russia's central bank announced that it will suspend gold purchases on the domestic market starting April 1st, Reuters reported on Monday, citing IFAX news agency.

"Further decisions on gold purchases will depend on how the situation develops," the bank said.

Market reaction

This headline had little to no impact on the price for the troy ounce of the precious metal. As of writing, the XAU/USD pair was down 0.68% on a daily basis at $1,620. The upbeat market mood in the American session, as reflected by strong gains in Wall Street's main indexes, seem to be making it difficult for safe-haven gold to find demand.