Moscow, November 9, 2024 – The Europe Today: In October, Russia’s gold holdings surpassed the $200 billion mark for the first time, with bullion’s share in the nation’s international reserves climbing to 32.9%, according to the Bank of Russia. This represents a nearly 4% increase in value over the previous month, breaking the previous record set in September.
The total value of Russia’s gold reserves reached $207.7 billion as of November 1, spurred by a roughly 4% rise in gold prices, which hit a record-high of $2,800 per ounce during October.
The share of monetary gold in Russia’s international assets is at its highest since November 1999, when it reached 34%. Historically, the highest recorded share was in January 1993, at 56.9%.
Despite the growth in gold holdings, the central bank reported that the country’s total international reserves decreased slightly, standing at $631.6 billion on November 1, a $2.1 billion drop from the previous month.
