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Tuesday, October 8, 2024

Russia’s gold reserves rise to $200 billion in a month

Russia’s gold reserves rise to $200 billion in a month

The share of the precious metal in reserves also rose gold Russian foreign currencies increased from 30.8 percent last month to 31.5 percent currently.

And occupy Russia Ranked fifth in the world in gold reserves.

Russia has resorted to increasing its purchases of gold since the United States and the West tightened economic and financial sanctions on Moscow following the outbreak of the Ukrainian war in February 2022.

Russia is not the only country that has realized the need to increase its gold reserves, as a number of countries, including China and India, have begun to increase the share of gold in their reserves.

Gold prices recorded historically high levels above $2,600 per ounce, and gold futures contracts touched $2,700 levels later this month, and since the beginning of 2024, gold has achieved gains of about 30 percent, heading towards recording the largest annual gain in 14 years.



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