The world gold market did not ignore the increase in gold reserves of Russia

Gold bullion prices in the London wholesale market fell to 3-week lows as global stock markets and commodities rallied ahead of the Fed's decision. With an increase in interest rates in 2015, gold will win, and vice versa, says Swiss financial group MKS.

although gold is expected to strengthen in the short term as physical buying picks up steam. Demand in India has risen amid the gold buying festival and local traders are looking forward to the momentum to continue into the wedding season.
In the meantime, analysts do not ignore the fact that the Russian state continues to increase its stocks of gold bars at the fastest pace recorded last month.

Russia is now the fifth largest holder of state-owned bullion in the world. In September, Russia increased its gold reserves by 37 tons to 1,150 tons, the highest level since 1993, equal to 9.1 percent of the total foreign exchange reserves in the countries of the former Soviet state. In 2006, President Vladimir Putin set a target of 10 percent.

In addition, a Swiss referendum on gold reserves will take place next month, in which Swiss voters can approve an initiative to force the Swiss National Bank (SNB) to buy gold, but the barriers to the initiative are just as high. This decision could force SNB to hold 20 percent of its holdings in gold bullion. “I can honestly say that I have sleepless nights because of this event,” said a board member of the Swiss National Bank.