Russia’s Gold Share in Reserves Rises to Highest Level Since 1999

Russia’s gold reserves reached a historic milestone in October, with the total value surpassing USD 200 billion for the first time, according to the Bank of Russia. As of November 1, the bank reported the dollar value of its gold holdings at USD 207.7 billion, reflecting a nearly 4 percent increase over the previous month and breaking the record set in September.

The proportion of gold in Russia’s total international reserves climbed to 32.9 percent, marking the highest share since November 1999, when it reached 34 percent. Russia’s highest-ever share of gold in its reserves was recorded in January 1993, when it stood at 56.9 percent.

October also saw a notable rise in the price of gold, with its value reaching a record-high of USD 2,800 per ounce during the month and pushing the overall price up by approximately 4 percent. This surge contributed to the growth in the dollar value of Russia’s gold assets.

The central bank further reported that Russia’s total international reserves, which include foreign currency and gold, amounted to USD 631.6 billion as of November 1. This figure reflects a slight decline of USD 2.1 billion from the previous month.