Russia's gold reserves exceed USD200B for the initial time

(MENAFN) In October, the value of Russia’s gold reserves exceeded USD200 billion for the first time, with gold making up 32.9 percent of the country's international reserves, as reported by the central bank.

The Bank of Russia announced on Friday that its gold reserves increased by nearly 4 percent in October, surpassing the previous record set in September. As of November 1, the dollar value of these reserves reached USD207.7 billion. The price of gold rose by about 4 percent during the month, peaking at a record USD2,800 per ounce. Gold prices have been volatile recently, largely due to growing geopolitical tensions.

Last month, the proportion of monetary gold in Russia’s international reserves was the highest since November 1999, when it stood at 34 percent. The peak level in modern Russian history occurred in January 1993, when it reached 56.9 percent.

The central bank also reported that Russia's total international reserves amounted to USD631.6 billion as of November 1, a decrease of USD2.1 billion from the previous month.

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