Russia’s gold reserves topped the $100 billion mark in July as gold prices rose and the country’s central bank continued to buy the yellow metal, according to the bank’s latest press release.
The Russian central bank bought another 597,000 ounces or 18.67 tonnes of gold in June, which put the total gold holdings at 2,208 tonnes as of July 1 $100.3 billion, the Russian central bank said in the latest data release.
At the time of writing, August Comex gold futures were trading at $1,417.10, down 0.69% on the day.
Moscow has been actively buying up gold this year, adding more than 96 tonnes since the beginning of 2019.
Russia bought 200,000 in May, 550,000 ounces in April, 600,000 ounces in March, one million ounces in February, and 200,000 ounces in January.
During the last decade, Russia’s gold reserves have gone from 2% to 19% as of the end of 2018 Q4, according to the World Gold Council’s data.
The World Gold Council (WGC) has been pointing to an overarching trend towards gold, noting that central banks around the world purchased a total of 651.5 tonnes of gold last year — the largest amount since 1971.
“What is more interesting to understand in the case of Russia … is not just these large numbers, but the trend. Emerging market central banks have been buying gold fairly consistently since 2010 … because central banks are looking to diversify their reserves, they are looking for safety and gold provides that to them,” said World Gold Council director of investment research Juan Carlos Artigas.