Russia's Gold Reserves Reach Record High
The World Gold Council estimates that as of early December, Moscow's gold was worth $310 billion, making it the fifth largest gold investor in the world. The Russian Central Bank estimates that Russia's gold reserves have reached a historical high, valued at $310 billion.
Traditionally seen as a precious metal to hedge against inflation and currency fluctuations, gold broke through the historic milestone of $4,000 in October. In 2023, the price of gold was below $2,000 per ounce.
According to data released by the Russian Bank, as of December 1st, the country's gold reserves were $310.7 billion. Over the past 12 months, Moscow's investment in gold has increased by a record $92 billion. Last month, the World Gold Council (WGC) ranked Russia as the fifth largest gold investor globally, behind the United States, Germany, Italy, and France.
Meanwhile, President Putin of Russia stated that although the country "definitely felt the external pressure of Western sanctions," "our country and economy have successfully coped with these challenges," and expects Russia's economy to grow by 0.5% to 1% this year.
In late October, the Reserve Bank of India (RBI) repatriated about 64 tons of gold reserves from overseas vaults between April and September, following several other large-scale transfers. This move was made amid concerns over Western frozen assets of over $300 billion in Russian sovereign and private assets.
Original: toutiao.com/article/1850922914786316/
Statement: This article represents the views of the author.