Russia's Gold Reserves Exceed $200 Billion for First Time in October 2024, Now 32.9% of Assets

Nov 10, 2024, 04:50 AM

Russia's gold reserves have exceeded $200 billion for the first time in October 2024, now making up 32.9% of its total international assets. The Central Bank of Russia reported an increase in gold investments by 4% last month, reaching $207.7 billion. Additionally, Russia's National Wealth Fund holds 292.5 tonnes of gold, 221.8 billion Chinese yuan, and 1.612 billion Russian rubles as of October 1, 2024. This move is seen as part of Moscow's strategy to hedge against economic and geopolitical risks amid global currency volatility. Meanwhile, global central banks have purchased 694 tonnes of gold year-to-date, a significant increase compared to previous years, demonstrating a strong demand for gold as a long-term store of value and inflation hedge. Furthermore, the share of gold in global international reserves held by central banks exceeded the Euro for the first time in history, now accounting for 17.6% of all worldwide reserves.