Russian gold reserves reach value of three hundred ten billion dollars

(MENAFN) Russia’s holdings of gold have reached a historic peak, valued at $310 billion, according to estimates from the country’s central bank. The precious metal, long regarded as a safeguard against inflation and currency fluctuations, surpassed the $4,000 per ounce mark in October, having traded below $2,000 earlier in 2023.

Statistics from the Bank of Russia indicate that as of December 1, the nation’s gold reserves totaled $310.7 billion, reflecting a record $92 billion increase over the past year. Recent rankings by the World Gold Council placed Russia as the world’s fifth-largest gold investor, trailing only the United States, Germany, Italy, and France.

Speaking at an investment forum, Russian President Vladimir Putin acknowledged the impact of Western sanctions, saying the country “definitely feels the external pressure,” but emphasized that “our nation and our economy successfully meet those challenges.” He added that Russia’s economy is projected to grow between 0.5% and 1% this year.

Following the escalation of the Ukraine conflict in February 2022, multiple Western nations imposed broad economic restrictions on Russia. In late October, it was reported that the Reserve Bank of India returned approximately 64 tons of its gold reserves from overseas vaults between April and September, a move prompted by concerns over the freezing of more than $300 billion in Russian sovereign and private assets.

Also in October, JPMorgan CEO Jamie Dimon forecasted that gold “could easily go to $5,000 or even $10,000 in environments like this.” He cited a range of global economic challenges, including US tariffs, rising deficits, inflation, the transition toward AI, geopolitical tensions, and increased military build-ups.

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