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Russian banks’ gold reserves plunged 46.4% in 2024, hitting their lowest level since July 2022 at 38.1 metric tons ($3.4 billion).
This dichotomy reflects the country’s complex economic challenges: high inflation at 9.5%, record interest rates at 21%, and ongoing sanctions impact.
Russian citizens, faced with a weakening ruble and limited international investment options due to sanctions, increased their gold purchases by 75.6 metric tons – up 62% from pre-war levels. Meanwhile, Russia’s position as the world’s second-largest gold producer remains strong, with production expected to grow through 2027, despite the significant drawdown in institutional reserves to their lowest level since July 2022.
