Russia Reduces Gold Reserves for Six Consecutive Months to 2,282 Tons

Russia's gold reserves have decreased for six consecutive months, dropping by approximately 43.5 tons by early July, reaching a low of 2,282 tons (about 73.4 million troy ounces) since 2022, valued at around $299 billion. The total international reserves fell from $747.4 billion at the end of May to $720.4 billion at the end of June, with foreign exchange reserves remaining relatively stable, indicating that the reduction in reserves primarily stems from gold assets. Analysts believe the reduction is due to increased fiscal pressure, influenced by the Russia-Ukraine conflict, declining energy revenues, and expanded government spending, with the budget deficit reaching approximately 4.6 trillion rubles by the end of March. Some gold may have been sold to domestic banks or converted into foreign currency to alleviate fiscal and liquidity pressures. Russia has long been a significant buyer in the global gold market, accumulating over 1,900 tons of gold from 2002 to 2025, with a notable reduction only occurring in 2005. This reduction comes against a backdrop of high gold prices, with the Central Bank of Russia previously stating that it sold part of its gold reserves due to gold prices surpassing the historical high of $5,500 per ounce. Analysts believe that Russia is not abandoning its gold strategy but rather transforming gold from a long-term reserve asset into a source of liquid funds.

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