Russia adds 15.5 tonnes of gold to reserves

Russia added 15.5 tonnes of gold to its reserves in September, according to the latest Figures  With this purchase , the total gold stock rose to 1,542.73 tonnes, good for sixth place on the global Rankings countries with the largest gold reserves.

This gold reserve was valued at $65.51 billion in September, an increase of nearly $1 billion from the month of August. This increase is almost entirely attributable to the expansion of stocks, as the Gold price hardly changed during this period. In September, the Russian central bank valued its gold at a price of $1,321 per troy ounce, up from a price of $1,321 in August.

Russia keeps buying gold

The central bank of Russia has added more than 127 tonnes of gold to its reserves since the beginning of this year. Since the outbreak of the crisis, the country has already added more than 1,000 tonnes of the yellow metal to its vault. Russia wants to become less dependent on the dollar and is therefore looking for diversification in other currencies and in gold. Recently, President Putin said in an interview that 30% of her reserves are already made up of euros. Compared to the total reserves of almost $400 billion, gold represents a share of more than 16%.

In 2006 , the central bank of Russia decided to Buy gold And hasn't stopped to this day. As the graph shows, the country has been adding precious metal to its reserves almost continuously (see blue line). The yellow line shows that the value of the gold stock has increased sharply in that period, partly due to the rise in the gold price.

The attentive reader will see that the value of the precious metal suddenly skyrocketed in 2006, without changing the size of the gold reserve. That's because the central bank switched to a different valuation method in 2006. Until 2006, the precious metal was valued at a historically fixed price of $300 per troy ounce, after which it was decided to value the precious metal according to the market price every month.

Russia adds 15.5 tonnes of gold to reserves

Foreign exchange reserve Russia almost back at $400 billion

Gold represents more than 16% of total reserves