Russia's gold reserves grow by $112 billion in a year due to rising metal prices
Russia's gold reserves increased by $112 billion over the past year, driven by a rise in precious metal prices, according to RIA Novosti calculations based on Central Bank data. As of early December last year, the Russian Central Bank held $198.1 billion in gold reserves, which grew to $310.7 billion a year later.
This was reported by Russian propaganda media
This growth was mainly caused by the rally in the gold market, with the price per troy ounce rising from $2,600 to $4,300 over 12 months—an increase of 1.5 times. Meanwhile, the physical volume of Russia's gold reserves slightly declined to 2,296.5 tonnes, down by 6 tonnes compared to the previous year. Gold accounted for 42.3% of Russia's reserves at the beginning of December.
This trend highlights the increasing importance of gold in Russia's international reserves, which may affect the country's financial stability and reserve structure going forward.
