Russia’s Gold Reserves Reaches Record High
As of February 1, Russia’s holdings of monetary gold were valued at $402.7 billion, representing 48.3% of the nation’s total reserves, which stood at $833.5 billion. This means that the value of gold in Russia’s reserves is now almost equal to its foreign currency holdings.
The surge in valuation is linked to a sharp rise in global gold prices. Futures for the precious metal hit a record $5,595 per ounce in late January. Gold prices have increased roughly 60% in 2025 alone and have risen substantially over the past four years, after trading below $2,000 per ounce in 2022. Analysts attribute the rally to strong central bank demand, ongoing inflation, geopolitical tensions, and a weakening US dollar.
The shift in gold prices has significantly changed the structure of Russia’s reserves. Gold’s share has climbed from 21% before the Ukraine conflict, while the proportion of foreign currencies has fallen from 74% as of February 1, 2022. Rising gold values have also helped Russia offset losses from sovereign assets frozen in Western countries, restoring much of the country’s financial capacity despite those blocked reserves remaining inaccessible.
The physical quantity of Russia’s gold has seen little change in recent years. Bank of Russia figures show the country held 73.9 million troy ounces as of March 1, 2022, increasing slightly to 74.8 million ounces by January 1 this year.
Since 2022, the central bank has stopped reporting gold transactions to the International Monetary Fund, only disclosing the total stockpile after a delay. As a result, most of the recent increase in value is due to rising global prices rather than significant additions to Russia’s holdings. Monthly data indicate that while the reported volume has remained largely stable, the valuation of the reserves has surged sharply due to the sustained rally in precious metals markets.
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