Russia’s Gold Reserves Surpass USD 200 Billion for the First Time, Representing 32.9% of Total Reserves
In a groundbreaking development, Russia’s gold reserves crossed the USD 200 billion mark in October 2024, setting a new record for the country. According to the Bank of Russia, the value of its gold holdings surged by nearly 4% during the month, reaching USD 207.7 billion as of November 1. This growth comes at a time when global gold prices have seen a significant rise, with the price per ounce reaching an all-time high of USD 2,800 in October.
As a result of this increase, the share of gold in Russia’s total international reserves now stands at 32.9%, the highest since November 1999, when it was recorded at 34%. However, Russia’s historical peak in the share of gold in its reserves occurred in January 1993, when it reached an impressive 56.9%.
While the increase in gold reserves is noteworthy, Russia’s total international reserves have seen a slight decline. As of November 1, the country’s reserves amounted to USD 631.6 billion, marking a decrease of USD 2.1 billion compared to the previous month. Nevertheless, the rise in gold reserves highlights Russia’s strategic emphasis on diversifying its foreign assets amid global economic uncertainties.
