Russia’s gold reserves have reached a historic milestone, surpassing USD 200 billion for the first time ever. According to the Bank of Russia, the value of its gold holdings grew to USD 207.7 billion by November 1, marking a nearly 4% increase from the previous month.
This surge follows a rise in gold prices, which reached a record high of USD 2,800 per ounce in October, further contributing to the growth of the country’s gold reserves.
The share of gold in Russia’s international reserves also saw a significant rise, reaching 32.9% in October, up from 31.5% in September. This is the highest proportion of gold in the country’s reserves since November 1999, when it stood at 34%.
The central bank noted that this increase is part of a broader trend of diversifying Russia's foreign reserves, with gold playing an increasingly important role in the country’s financial strategy.
Historically, the highest share of gold in Russia's reserves was recorded in January 1993, when it peaked at 56.9%. In contrast, the lowest share was just 2.1% in June 2007.
This indicates a significant shift in Russia’s approach to managing its foreign assets, particularly as global economic conditions evolve. While Russia’s gold reserves are at an all-time high, the country’s overall international reserves have seen a slight decline.
As of November 1, Russia’s total international reserves stood at USD 631.6 billion, a decrease of USD 2.1 billion from the previous month, when they were valued at USD 633.7 billion.
Despite this minor dip, Russia’s reserves remain at robust levels, with gold continuing to play a crucial role in maintaining financial stability.
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