Russia's gold reserve rose to a new record in April

25 May 2024 г. 5 minutes of reading

The Central Bank of Russia has published official information on its foreign exchange reserves as of the end of April 2024. According to this data, the total amount of reserves currently stands at 597.91 billion US dollars, which is 1.3% or 7.5 billion US dollars more than in the previous month. The previous month had already seen an increase of a similar amount.

Meanwhile, Russia's current gold reserves are estimated at $175.89 or 75.1 million ounces. This means that the Bank of Russia bought 100,000 ounces of gold over the past month, which corresponds to 3.11 tons. This volume was also bought in March.

At present, the total amount of gold reserves is about 2,335.87 tons. The rise in gold prices also led to an increase in its value by 9.8 billion US dollars or 5.9% compared to the previous month to a new record level. As a result, the share of gold in Russia's total reserves rose to 29.4% (previous month: 28%).

In March 2023, Russia reported its own gold reserves for the first time since the start of the military conflict in Ukraine. According to this data, the Bank of Russia's gold reserves increased by about 31 tons over the year. Russia's official gold reserves have remained relatively constant in recent months, while commodity holdings have changed by 100,000 ounces in that time.

Russia has largely abandoned dollar reserves. The country has not appeared on the list of the largest foreign creditors of the United States for two years. Its holdings of Chinese yuan, however, have likely increased significantly.

In recent years, the Russian Central Bank has mostly received the yellow precious metal from domestic gold mining companies. By comparison, the country's gold stockpile grew by 5.1 million ounces, or about 158 tons, to 73 million ounces at that time in 2019 alone.