According to Bloomberg (citing data from the Bank of Russia), between September 2017 and September 2018, the Russian central bank, which has the world’s fifth largest international reserves, more than halved the share of dollars in its reserves, replacing it with the euro, the renminbi and gold. During this time period, gold remained at around 16.6 percent of the Russian central bank’s total international reserves despite a seven percent drop in the price of gold. In 2018, Russia added 274 metric tons of gold to its reserves, bringing its total reserves to 2,113 tons. Russia is not alone in its shift to gold. In the first quarter of 2019, central banks bought a record 715.7 metric tons of gold, which currently trades around $1,408/ounce.

Last Updated on June 26, 2019 by Ramin Seddiq