Published: November 2, 2023 11:22 am
Author: RT
The country has the largest bullion stockpile among emerging economies, according to data cited by the news agency
Russia’s gold bullion reserves reached an all-time high in September, RIA Novosti reported on Thursday, citing data from the world’s central banks.
According to the news agency’s calculations, Russia increased its gold reserves by 2% in September, bringing the total volume of the precious metal in its coffers to 2,360 tons, the largest amount in the country’s modern history.
Russia’s gold reserves remain the fifth largest globally, following the US, Germany, Italy and France, and ahead of China’s 2,200 tons, RIA adds.
The accumulation of gold by Russia is part of a global trend that has seen central banks buying record amounts of the precious metal, bracing for further economic uncertainty.
According to a recent report by the World Gold Council, China was the largest gold buyer globally during the third quarter of this year, with India, Türkiye and Russia among the other emerging economies to notably increase their reserves.
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