Central Bank of Russia reduces volume of gold in reserves by another 0.2 mln oz. in Sept

MOSCOW. Oct 20 (Interfax) - The Central Bank of Russia reduced gold reserves by another 0.2 million ounces, or approximately 6 tonnes, in September

The data format used by the Central Bank of Russia does not allow for a precise estimate.

The volume of monetary gold held in Russia's international reserves was 72.8 million ounces, about 2,260 tonnes, valued at $301.6 billion as on October 1, according to the Central Bank. In physical terms, this represents a 0.3% decrease over the month, while it reflects a 9.6% decline in value terms.

Throughout 2024, Russia has been reducing its gold reserves by 0.2-0.3 million ounces each month. In total, the holdings have decreased by 2 million ounces (approximately 62 tonnes) since the beginning of the year.

The CBR was an active buyer of gold between 2014 and 2019, leading all global central banks in terms of purchase volume. However, in the spring of 2020, it announced a suspension of its gold purchases. Consequently, for the next several years, the fluctuations in the volume of gold held in its reserves were less pronounced, typically remaining within a range of plus or minus 0.1 million ounces.