Russia’s physical gold reserves held in domestic banks sharply declined at the end of 2024, RBC reported, citing data from the Central Bank of Russia on February 11.
As of January 1, 2025, the total value of precious metals and stones held in Russian banks dropped to $3.38 billion. When converted to physical gold, this amounts to 38.1 tons—the lowest level since July 2022.
According to the Central Bank, in monetary terms, the value of precious metals in bank accounts decreased by 23.6% in 2024. However, when measured in physical gold, the decline was even steeper at 46.4%, a reduction of more than 33 tons.
This marks the most significant drop in gold reserves since 2020 when the pandemic and ensuing economic crisis reduced precious metal holdings by 34.5 tons.
Experts interviewed by RBC attribute the decline to Russia’s high key interest rate and record-breaking gold prices, which have influenced market dynamics and investment strategies.
Russian banks had reached a record high in gold reserves on October 1, 2023, holding precious metals worth 472.4 billion rubles—over 80 tons of physical gold. The sharp decline in the months that followed reflects shifting economic pressures and monetary policies.
Earlier, reports emerged that foreign investment in Russia dropped to its lowest level in 15 years.
-21d0b63c17f6020e4df75f6c6f9a2f4f.jpg "Ivan Khomenko")