Going for gold: Russia boosts bullion stockpile by 9 tons in July

Tuesday, August 20, 2019
By Paul Martin

20 Aug, 2019

Russia’s gold reserves rose by 9 tons in July, increasing the value of the bullion holdings by 1.64% to a hefty $101.923 billion (€92 billion), as of August 1.

Official figures show gold now accounts for 19.6% of the total reserves of the Russian Federation. July’s gold purchases brought the country’s gold reserves to a total of 2,217.68 tons (71.3 million ounces), and increased by 0.42% in one month, according to the latest data released by the Central Bank of Russia (CBR).

This is less than the 18 tons of the precious metal purchased in June, but still means Russia is on course for de-dollarization of its economy and remains committed to gold purchases due to US sanctions.

From January to July, the regulator purchased a total of 105.75 tons of monetary gold. The biggest gold splurge came in February, when the nation’s gold reserves rose by more than 31 tons.

Russia’s share of gold in international reserves, which has been growing steadily since 2007, showed a rise to 19.61% from 19.35% in June.

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