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Russian Gold Buying Increases 62% Since Ukraine War

Published: 12-02-2025, 04:30 pm | Updated: 12-02-2025, 01:57 pm

Russians are increasingly turning to gold as a financial safe haven amid growing economic pressures. Consumer gold purchases hit 75.6 metric tons in 2024, marking a 6% increase from 2023 and a dramatic 62% jump from pre-war levels in 2021.

Why? A few reasons: record-high inflation at 9.5%, the ruble’s historic lows, and international sanctions limiting investment options.

The trend benefits both consumers and the Russian government, which needs outlets for its annual 300-metric-ton mining output, especially since the central bank has reduced its historically large gold purchases.

The strategy has paid off for Russian buyers, with gold prices surging 28% in 2024 and adding another 10% gain in early 2025, reaching a new record of $2,902 per ounce.

Original Source: AOL.com

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