Russia's gold bullion reserves hit record high

(Dan Tri) - In the context of gold prices continuously hitting new peaks in October, Russia's gold bullion reserves still reached a record high and surpassed the 200 billion USD mark for the first time.

The country's gold bullion reserves rose 4% last month to $207.7 billion as of November 1, according to the Central Bank of Russia. This surpassed the previous record set in September and is the first time Russia's gold bullion reserves have exceeded the $200 billion mark.

The share of gold in Russia's international reserves also increased to 32.9%, compared to 31.5% the previous month. The highest level in the country's history was 56.9% in 1993.

Russia is currently among the top 10 countries with the largest gold reserves in the world . Statistics from the World Gold Council (WGC) show that by the end of the second quarter of this year, Russia owned 2,335 tons of gold. The leading country is the United States with 8,133 tons.

Last month, the world gold price increased by 4% and continuously reached new peaks. At one point, the precious metal approached 2,800 USD/ounce. The gold price has also fluctuated greatly due to the US presidential election and the interest rate decision of the US Federal Reserve (Fed).

Ms. Elvira Nabiullina, Governor of the Central Bank of Russia (Photo: Reuters).

The Central Bank of Russia said the country's international reserves as of November 1 were $631.6 billion, down $2.1 billion from the previous month.

Nearly half of Russia’s reserves have been frozen by the West since early 2022, after the Russia-Ukraine war broke out. The Russian Central Bank has never released details of the frozen assets. The unfrozen reserves include gold and foreign currency held domestically.

Elvira Nabiullina, Governor of the Central Bank of Russia, said the frozen reserves did not affect Russia's financial stability.

Moscow has diversified its foreign exchange reserves over the years and has been operating with reserves not affected by sanctions. It has also repeatedly declared the West’s freeze on these assets illegal and warned of retaliation if the funds are seized.

Source: https://dantri.com.vn/kinh-doanh/du-tru-vang-thoi-cua-nga-tang-cao-ky-luc-20241114232931329.htm