In a significant financial milestone, The Central Bank of Russia (CBR) has reported that its holdings of monetary gold have, for the first time, surpassed the $300 billion mark, reaching a modern-era record of $310.7 billion.
Record Growth in a Year of Uncertainty
The accumulation has been rapid and substantial. Over the past 12 months, Russia’s gold reserves swelled by a staggering $92 billion, jumping from $207.6 billion in November 2022 to $299.8 billion by November 1st of this year—a record increase. This growth aligns with a powerful global rally in gold prices, which have surged over 50% since the start of the year. This rally has been driven by demand for safe-haven assets amid geopolitical tensions, with prices reaching a record high of $4,398 per ounce in October.
The Mechanics of the Milestone
The valuation of these reserves is a precise science. The CBR uses its own official daily benchmarks for gold prices. For instance, on November 1st, it priced a gram of gold at $128.41. By December 1st, this had risen to $133.55, reflecting both market trends and the CBR’s own valuation methodology. In tangible terms, Russia’s hoard now stands at 74.8 million troy ounces, or approximately 2,326 tonnes of physical gold in coins and bars.
This physical stockpile, distinct from paper gold investments, forms the core of Russia’s monetary gold—a critical component of its broader international reserves. These reserves are a national financial safety net, used to support the currency, meet international obligations, and buffer the economy. Gold is traditionally viewed as a strategic hedge against inflation and geopolitical uncertainty.
According to the World Gold Council, Russia now sits in fifth place globally for official gold holdings, trailing only the United States, Germany, Italy, and France.
