An arm of Russia's largest lender, Sberbank CIB, plans to more than double its gold sales to India this year and sell more of the precious metal than forecast to China, its head of global markets Andrey Shemetov told Reuters.
Trade with China is more active this year than the bank originally expected, according to Shemetov. Sberbank plans to upgrade an initial sales forecast of 20 tons of gold to China in 2018. It has already sold 14 tons to Beijing in the first quarter alone. Last year it supplied five tons.
The bank also plans to deliver 25-30 tons of gold to India. In 2017, Sberbank sold 10 tons of gold to the world's second-biggest consumer after China.
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