Russia’s Gold Reserves Hit Record Levels

(MENAFN) Russia’s holdings of gold have climbed to an unprecedented level, valued at $310 billion, according to estimates from the country’s central bank.

The precious metal, often regarded as a safeguard against inflation and currency volatility, surpassed the historic $4,000 threshold in October, after trading below $2,000 per ounce earlier in 2023.

Data from the Bank of Russia indicates that as of December 1, the nation’s gold reserves reached $310.7 billion. Over the past year, Moscow’s bullion investments increased by a remarkable $92 billion, setting a new record.

Last month, the World Gold Council (WGC) ranked Russia as the fifth largest gold investor in the world, behind the United States, Germany, Italy, and France.

At the Russia Calling! Investment Forum on Tuesday, President Vladimir Putin remarked that although the country “definitely feels the external pressure” from Western sanctions, “our nation and our economy successfully meet those challenges.”

He projected that Russia’s economy will grow by 0.5% to 1% this year.

Following the intensification of the Ukraine conflict in February 2022, multiple Western nations imposed broad economic sanctions on Russia.

In late October, reports revealed that the Reserve Bank of India (RBI) had repatriated approximately 64 tons of its gold reserves from foreign vaults between April and September, following several other substantial transfers.

This step occurred amid concerns over the West freezing more than $300 billion in Russian sovereign and private assets.

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