Russia bought 34 tonnes of gold in September

The central bank of Russia added 1.1 million troy ounces of gold to its reserves in September added, the largest monthly purchase since October last year. With this purchase of 34 tonnes, the total amount of the gold stock is 1,779 tonnes. This is good for sixth place in the ranking of countries with the largest public gold reserves.

In the first nine months of this year, the central bank of Russia has already added more than 164 tonnes of the precious metal to its reserves, which is almost 30% more than in the same period last year. It is not news that Russia is adding precious metal to its reserves, but it is striking to see that the country has become much more active since 2014 with Buy gold.

Russia further expands gold supply

The central bank of Russia saw its reserves increase further in September to $422.77 billion, of which $73.6 billion is held in the form of gold. That is 17.34% of the total. The central bank values its gold reserves every month at the current Gold price And it was set at $1,286 per troy ounce in September.

The first chart shows the development of Russia's foreign exchange reserves and gold reserves since 1999, with foreign exchange reserves shown in blue and gold reserves in yellow. The second graph shows the development of the gold reserve in volume (blue) and in value (yellow).

Russia has been adding precious metals to its reserves since 2006 as a form of diversification. Until recently, she only bought that gold directly, but from November the central bank will also start bidding for precious metals via the Moscow Stock Exchange. In doing so, the central bank, as the largest buyer of gold, is putting a solid floor under the gold price.

Gold and foreign exchange reserves Russia since 1999

Gold stock grows to 1,779 tonnes in September

Russia has been structurally buying gold since 2006