In a significant financial milestone, Russia’s gold reserves have exceeded $200 billion for the first time, bolstered by soaring gold prices worldwide. This landmark was confirmed by the Bank of Russia, which reported a sharp increase in the value of its bullion assets in October, reaching $207.7 billion as of November 1.
October’s spike in gold prices, which touched a high of $2,800 per ounce, played a crucial role in pushing Russia’s gold holdings to new heights. Gold now accounts for 32.9% of Russia’s total international reserves, the highest share since 1999.
This shift underscores Russia’s pivot toward gold as a stabilizing asset amid volatile global economic conditions. The proportion of gold within its reserves hasn’t been this high since the early post-Soviet era, with the highest recorded share at 56.9% in January 1993.
While Russia’s total international reserves were reported at $631.6 billion at the start of November, this marks a slight decrease of $2.1 billion from the previous month.
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