Russia’s gold reserves value has reached an unprecedented level of US$310.72 billion, having risen 57% from a year ago.
The figure, as of Nov. 30, marked the fourth month of consecutive increase, according to the Central Bank of Russia.
An employees shows an ingot of 99.99% pure gold at Novosibirsk Refining Plant in Novosibirsk, Russia on September 15, 2023. Photo by Anadolu via AFP |
Gold now accounts for more than 42% of Russian’s international reserves, highest in 30 years. Total reserves jumped 19% year-on-year to $734.59 billion, comprising gold and foreign exchange.
The World Gold Council ranked Russia as the world’s fifth-largest gold investor in the third quarter with 2,329 tonnes in its reserves, trailing only the U.S., Germany, Italy, and France.
In the sixth place was China with 2,303 tonnes, but the value of the gold accounted for only 7.68% of its total reserves.
The U.S. continued to hold the largest gold reserves in the world with over 8,133 tonnes, accounting for 80% of its reserves.
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