Russia continues to buy gold: 9.7 tonnes in July

Russia added gold to its reserves again in July added. The central bank, according to the Latest figures 300,000 troy ounces of gold, converted to a volume of 9.77 tons. This brings the total gold stock to more than 2,217 tonnes. The central bank valued its stock at a gold rate of $1,429 in July, representing a total market value of $101.92 billion. As a result, the country has now converted almost 20% of its total reserves to the yellow precious metal.

Russia has been buying gold structurally in recent years. The central bank will continue to be active this year Buy gold, although the volume is somewhat lower than in previous years. After seven months, the counter stands at 105.72 tonnes, while the central bank managed to amass 129.8 tonnes of gold in the same period last year. With a gold reserve of more than $100 billion, Russia is now one of the top five countries with the largest public gold reserves. Only the United States, Germany, Italy and France have more precious metals.

Russia benefits from rising gold price

The gold purchases of recent years have not done Russia any harm. Due to the trade war and negative interest rates, more investors and savers are seeking refuge in precious metals. As a result, the Gold price in the space of a few months, it has risen to over $1,500 per troy ounce, the highest level in six years. As a result, the value of Russia's total gold holdings has increased by more than $10 billion in a short period of time.

In addition to gold, Russia also has currency reserves such as euros, dollars and yuan. All reserves combined had a market value of $519.8 billion in July, more than the total reserves of a rich oil state like Saudi Arabia. Only China, Japan and Switzerland currently have more cash reserves, with China leading the way with a total reserve of $3.1 trillion.

Diversification

The central bank of Russia buys gold as a form of diversification, as the precious metal offers protection against currency depreciation. The precious metal also has no counterparty risk, which is becoming increasingly relevant in a time of trade barriers and sanctions. Last year, central banks bought a record amount of gold. It is expected that they will again add a lot of precious metal to their reserves this year. add.

Total reserves Russia rise to $520 billion

Gold supply Russia is already worth more than $100 billion

Gold reserves already account for almost 20% of total reserves

Russia has also bought a lot of gold in recent years