MOSCOW: The value of Russia’s gold holdings has reached an unprecedented milestone, surpassing $200 billion for the first time in history during October. This achievement marks a significant increase in the share of bullion within the country’s international reserves, now standing at 32.9%, as reported by the central bank.
According to Emirates News Agency, the Bank of Russia disclosed that the value of its gold holdings experienced a near 4% growth last month, setting a new record after the previous one in September. As of November 1, the dollar value of these reserves amounted to $207.7 billion. This surge was influenced by a roughly 4% increase in gold prices throughout October, with prices reaching a record-high of $2,800 per ounce.
The share of monetary gold in Russia’s international assets last month was the highest since November 1999, when it reached a 34% share. Historically, the highest level recorded in the modern era was in January 1993, when gold constituted 56.9% of the country’s international
reserves.
The central bank also reported that Russia’s total international reserves amounted to $631.6 billion as of November 1, reflecting a decrease of $2.1 billion from the previous month.
