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Bank of Nova Scotia has re-entered precious metals trading, six years after exiting the sector, according to people familiar with the matter.
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Scotiabank has hired Olena Zabolotna, who is based in Toronto and was previously at RBC Capital Markets, and Jesse Freeman and Vincent Saarloos in New York, a company spokesperson said.
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The team is a fraction of the size of the Canadian bank’s precious metals business back when it was a leading player in bullion markets alongside the likes of JPMorgan Chase & Co. and HSBC Holdings PLC.
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Bloomberg News reported in December that Scotiabank was planning to revive its metals desk. Last year’s record-breaking gold rally reignited interest in precious metals markets, with trading houses, hedge funds and Wall Street banks competing for talent as they expand their bullion businesses.
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While gold prices have eased in 2026, they remain at historically elevated levels. Silver and platinum also experienced a similarly dramatic run-up in prices over the past year.
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Scotiabank traces its roots in gold trading back to the 17th century. The lender announced its exit from the sector in 2020 after the pandemic disrupted the physical gold market and the United States investigated its bullion trading activities.
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