Russia continues to collect gold diligently

Russia’s gold reserves also rose last October. The country’s central bank has bought another 300,000 ounces of gold.

 

Higher currency reserves

The Russian central bank has published information on its currency reserves as at the end of October 2019. According to the data, the Bank of Russia’s total reserves recently amounted to 540.91 billion US dollars. Compared to the previous month, this represents an increase of 1.9 percent.

 

300,000 ounces of gold bought in

Russia’s gold reserves are estimated at 72.4 million ounces. This corresponds to 2,251.89 tons of gold. In October, the central bank bought 300,000 ounces or 9.33 tons of gold.

 

Gold share of total reserves

The total Russian gold reserves at the time of accounting were worth 107.90 billion US dollars. Gold accounted for 19.9 percent of the country’s total currency reserves (previous month: 20.3 percent). The Russian central bank buys much of the gold from its own country’s gold mines.

 

Gold purchases 38 % below previous year

Russia has purchased 4.5 million ounces since the beginning of the year. That is almost 140 tons of the precious metal. At the same time last year, however, it was already 7.3 million ounces of gold (227 tons). In October 2018 the gold reserves had grown by 900,000 ounces (Russia buys 28 tons of gold in October). However, gold’s share of Russia’s total reserves at the time was only 16.8 percent. By the way: China has not yet published any new gold reserve figures for the month of October. In the past, the figures were always published in the first week of the following month.