Gold reserves stood at 2,304.76 tonnes as of April 1, 2026, reflecting a decline of 6.22 tonnes in March alone, the central financial institution mentioned on Monday.
On the identical time, home demand for gold has surged because the financial system faces continued pressure within the fifth yr of the battle with Ukraine. Information from the Moscow Trade confirmed gold buying and selling volumes in March jumped greater than 350% year-on-year to 42.6 tonnes, together with 28.6 tonnes in swap offers and 14 tonnes in spot trades. In worth phrases, the rise was even sharper because of the weakening ruble, with volumes rising 500% from a yr in the past to 534.4 billion rubles, or $7.1 billion.
Russia had constructed up its gold reserves steadily between 2002 and 2025, buying greater than 1,900 tonnes over the interval. This included purchases of simply over 500 tonnes between 2008 and 2012, and round 1,200 tonnes between 2014 and 2019. Since 2020, nonetheless, web purchases have slowed considerably to about 55.4 tonnes, based on Finam analyst Nikolai Dudchenko.
Consultants say a number of central banks are at present promoting gold to cowl rising bills, together with defence spending, increased power prices, and measures to help home currencies.
Earlier this yr, on February 20, Russia’s central financial institution mentioned it had bought 3,00,000 ounces of gold in January as costs climbed above $5,500 per ounce. This decreased whole holdings to 74.5 million ounces and marked the primary decline since October. With common costs round $4,700 per ounce in January and peaks close to $5,600, the sale is estimated to have generated between $1.41 billion and $1.68 billion.Regardless of these gross sales, the general worth of Russia’s gold reserves rose 23% in January to $402.7 billion, supported by record-high costs.Individually, Bloomberg reported that Russia’s valuable metals exports to China almost doubled in worth throughout the first half of 2025. Chinese language imports of Russian valuable metallic ores and concentrates, together with gold and silver, rose 80% year-on-year to $1 billion, pushed partly by increased bullion costs, which gained about 28% throughout the interval amid geopolitical tensions and powerful demand from central banks and exchange-traded funds.
Russia stays the world’s second-largest gold producer after China, with annual output exceeding 300 tonnes. Whereas its central financial institution was as soon as among the many largest patrons of gold, purchases have declined for the reason that full-scale invasion of Ukraine in 2022. In distinction, the Folks’s Financial institution of China continues to be one of the vital energetic patrons.
Exports of Russian gold to China have elevated in quantity phrases, although a good portion of the rise displays the sharp rally in costs, with spot gold up almost 43% over the previous yr.Home consumption has additionally been robust. Russian customers purchased a document 75.6 tonnes of gold in 2024, accounting for roughly 25% of the nation’s annual manufacturing, as households turned to valuable metals to guard their financial savings.
(Disclaimer: Suggestions, ideas, views and opinions given by the specialists are their very own. These don’t signify the views of The Financial Occasions)
