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Russia added half a million troy ounces of gold to its reserves in March, according to the latest Figures of the central bank. The total value of gold holdings rose to $58.14 billion last month, meaning the central bank still holds 15% of its total reserves in bullion.
If we convert this amount to the gold price at the end of March, we arrive at a total gold stock of 1,458 metric tons. That is an increase of 500,000 troy ounces - converted to 15.55 tons - compared to the month of February. The central bank continues to add bullion to its reserves to reduce its reliance on the dollar. The foreign exchange reserve was worth about $6.5 billion more in March.
Gold reserve Russia 15.55 tonnes larger again
Russia still values its gold reserves in US dollars, but does so every month at the current price of gold. This allows us to make a reasonably accurate estimate of the amount of precious metal in the central bank's vault. In March, the country added 15.5 tonnes of gold to its reserve. Much of the gold comes from Russian gold mines, which sell the gold to the big banks of Russia. They sell it on to the central bank or abroad.
Total reserves Russia in March 2016
Since 2006, Russia has added more than 1,000 tonnes of gold to its reserves, and the value of the precious metal has risen from 3% to 15% in relation to total reserves. Of all the world's central banks, Russia bought perhaps the most gold last year, at 206 tonnes. China bought a similar amount in the second half of 2015 with 100 tonnes.
Last year, central banks around the world added 483 tonnes of gold to their reserves. That was the second-largest increase in a year since the abandonment of the gold standard in 1944. Central banks have less confidence in the dollar and therefore want to have something on hand that can be used in all circumstances and that is completely free of political risk.
Russia holds 15% of reserves in precious metals
