Russia's Gokhran to buy gold for central bank

RUSSIA - Russian precious metals depository Gokhran will buy 40 metric tons of gold in 2002 from domestic commercial banks for the Central Bank of Russia's reserves, Gokhran official Valery Goncharov told reporters Monday.

Goncharov said that if the government scraps the 5% gold export tax on 1 January, as is widely expected, Gokhran will pay domestic banks the London fixing price minus 0.5%.

This year Gokhran also planned to buy about 40 tons for the reserves. However, a shortage of funds in A