Russia’s gold reserves reach record high

(MENAFN) Russia’s gold reserves have surged to an unprecedented $310 billion, according to estimates from the country’s central bank.

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

Statistics from the Bank of Russia indicate that Moscow’s investment in bullion increased by a record $92 billion over the past year, reaching $310.7 billion as of December 1.

Global rankings released by the World Gold Council last month placed Russia as the fifth-largest gold investor worldwide, trailing only the US, Germany, Italy, and France.

At the Russia Calling! Investment Forum on Tuesday, President Vladimir Putin acknowledged the impact of Western sanctions but emphasized resilience: the country “definitely feels the external pressure” but “our nation and our economy successfully meet those challenges.” He projected that the Russian economy would grow between 0.5% and 1% this year.

Following the February 2022 escalation of the Ukraine conflict, Western nations imposed extensive economic restrictions on Russia. In late October, it was reported that the Reserve Bank of India had returned approximately 64 tons of gold reserves from overseas vaults between April and September, following similar previous transfers. This move came amid concerns over the freezing of more than $300 billion in Russian sovereign and private assets by Western countries.

Market analysts have highlighted gold’s rising significance in uncertain times. JPMorgan CEO Jamie Dimon said in October that gold “could easily go to $5,000 or even $10,000 in environments like this,” citing economic pressures including US tariffs, rising deficits, inflation, AI developments, geopolitical tensions, and military buildups. Other experts echoed this sentiment, describing gold as an “excellent diversifier of the portfolio.”

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