Russia Strengthens Gold Reserves, Ranks 5th Among Global Leaders

Russia expanded its gold reserves to record levels, hitting a total of $217.4 billion as of March 1, 2025. The country ranks fifth globally, surpassing China, with gold making up 34.4% of its total foreign exchange reserves.

According to RBC news website, the Central Bank of Russia continues to prioritize gold accumulation, reflecting a broader trend of central banks worldwide seeking stability through precious metals.

Russia has been among the world's most aggressive gold buyers for the past decade, particularly after its relations with Western nations soured following the annexation of Crimea in 2014.

In 2017, the country purchased 224 tonnes of gold, largely financed by selling US Treasury holdings. This shift underscores Russia’s ongoing effort to reduce dependence on the US dollar and strengthen its financial independence.

However, the US remains the largest holder of gold reserves, boasting approximately 8,133.5 tonnes, accounting for over 74% of its total reserves. Germany, Italy, and France follow, each holding more than 2,400 tonnes, with gold representing over 70% of their national reserves.

The World Gold Council reported that global gold demand reached a record 4,900 tonnes in 2024, driven by heightened investment interest and persistent central bank purchases. The price of gold broke records 40 times throughout the year, rising by 27%.

Analysts attribute this surge to economic uncertainties and geopolitical tensions, which have prompted central banks to increase their gold holdings as a safeguard against financial volatility.

As of March 15, 2025, the official price of gold in Russia was set at 8,181 rubles per gram. This places the value of a standard 10-kilogram gold bar at approximately 81.8 million rubles – equivalent to about $1.09 million at current exchange rates.