Data indicates that value of Russia’s gold reserves reaches legendary high
Date
11/11/2024 7:51:10 AM
(MENAFN) Russia’s Gold reserves hit a historic milestone in October, surpassing $200 billion for the first time, with their value reaching $207.7 billion as of November 1, according to data from the bank of Russia. This represents a nearly 4% increase in the value of the country’s gold holdings, which now make up 32.9% of Russia's total international reserves. Gold prices saw a notable rise, climbing by approximately 4% in October, reaching a peak of $2,800 per ounce amid growing geopolitical uncertainty.
The current share of gold in Russia’s international reserves is the highest since November 1999 and the second-highest in the country's history. In January 1993, gold's share peaked at 56.9%. Overall, Russia’s international reserves stood at $631.6 billion as of November 1, a slight decrease of $2.1 billion from the previous month.
A significant portion of Russia’s reserves—almost half—was frozen by Western nations in early 2022 as part of sanctions related to the Ukraine conflict. The Bank of Russia has not disclosed the full breakdown of the frozen assets. However, the part of Russia’s reserves that remains unfrozen consists of gold, domestic foreign currency, and holdings in Chinese yuan.
Bank of Russia Governor Elvira Nabiullina has stated that the country’s financial stability remains secure even if the West were to seize its frozen assets. The central bank has spent years diversifying its reserves to reduce reliance on assets that could be affected by sanctions. Moscow has condemned the freezing of its reserves as illegal, arguing that such actions would violate international law and amount to "theft." The Kremlin has warned that any confiscation of Russia's sovereign funds would harm the global financial system and undermine the stability of Western currencies.
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