Major Wall Street banks have raised their 2026 gold price targets, and Russian retail investors are rapidly increasing purchases. JPMorgan sees gold at $6,300 an ounce by year-end, with other banks also projecting higher levels. Gold is trading around $4,548, about 16 percent below its January record. Moscow Exchange data show March trading volume jumped to 42.6 tonnes and turnover rose fivefold to 534.4 billion roubles.

Russia is moving to criminalise cryptocurrency trading conducted outside its regulatory framework. A draft approved by the Moscow city government would introduce penalties for organising digital asset distribution without registration or a licence from the central bank. Proposed punishments include fines and forced labour, rising to up to 7 years in prison and a 1 million rouble fine for organised crime or large-scale damage. Broader crypto rules are expected from 2026, with criminal provisions from 2027.