Russia bought more than 15 tonnes of gold in May

Russia added 15.6 tonnes of gold to its reserves in May, according to the latest Figures of the Russian Central Bank. The total gold reserve grew to 1,489 tonnes, cementing Russia sixth place in the ranking of countries with the largest gold reserves. The country has added more than a thousand tons of the yellow metal to its reserves over the past decade and apparently has no intention of stopping buying gold just yet.

Due to the fall in the gold price in the second half of May, the value of the total gold reserve on the balance sheet of the Russian central bank decreased. In April, the stock was valued at around $1,277 per troy ounce, but at the end of May it was only $1,210 per troy ounce.

Gold supply Russia continues to increase

Gold price

Despite the purchase of 15.6 tonnes of gold in May, the total value of the total gold reserve on the balance sheet fell to $57.9 billion. This is because Russia values the precious metal at the current market price every month.

Against the total foreign exchange reserve of almost $330 billion, the yellow metal represents a share of 15%. This is considerably more than at the outbreak of the financial crisis in 2008, when the Russian central bank kept only 2% of its reserves in the form of gold.

The crisis has made the country less dependent on dollar reserves. Western sanctions against Russia and the depreciation of the ruble have significantly accelerated the shift from dollars to gold. Since then, the share of gold in Russia's total reserves has risen from 8 to 15 percent.

Russia has 15% of its reserves in precious metals

Russia is shifting from foreign exchange reserves to gold

China takes a breather

Russia and China have accounted for the largest share of total gold purchases by central banks in recent years. In the second half of last year, China added more than 100 tonnes of gold to its reserves, while Russia put a total of more than 200 tonnes of gold bars in the vault last year.

Still, after ten months of uninterrupted gold buying, China is on pause Shall be inserted, as the People's Bank of China did not add any bullion to its reserves in May. China sits on a gold reserve of just over 1,800 tonnes, making it the fifth largest in the world. Only the US, Germany, Italy and France have World Gold Council about a larger reserve.