Russian gold reserves were sold for the first time since October, selling approximately 9.33 tonnes of gold in January as prices soared to all-time highs above USD 5,500 per ounce, according to data released by the Central Bank of Russia.
The Central Bank of Russia (CBR) confirmed that total gold holdings fell to approximately 2,317 tonnes after the January sale. While the volume reduction is notable, the timing appears strategic.
Gold averaged roughly USD 4,700 per ounce in January, but peaked at around USD 5,600 per ounce, meaning the sale likely generated between USD 1.41 billion and USD 1.68 billion in proceeds.
Despite the physical reduction in reserves, the value of Russia’s gold holdings increased sharply. Surging bullion prices pushed the total value of reserves up 23% in January to USD 402.7 billion, demonstrating how strongly the gold rally has boosted sovereign balance sheets.
China-Russia Trade Increases
Russia remains the world’s second-largest gold producer, behind China, with annual output exceeding 300 tonnes.
Historically, the CBR was one of the largest sovereign gold buyers globally. However, purchases slowed significantly after the full-scale invasion of Ukraine in 2022. In contrast, the People’s Bank of China has continued to rank among the most active central bank gold buyers in recent years.
The latest sale marks a shift from accumulation to selective liquidation — potentially signaling tactical reserve management amid record-high prices.
In July, Bloomberg reported that Russia’s precious metals exports to China nearly doubled in value during the first half of 2025.
Chinese imports of Russian precious metal ores and concentrates, including gold and silver, jumped 80% to $1 billion from the same period a year earlier Bloomberg reported at the time, citing data from Trade Data Monitor and China’s customs office.
The boom extends beyond gold. MMC Norilsk Nickel PJSC — one of the world’s top producers of palladium and platinum — has significantly ramped up exports to China.
Prices for palladium jumped 38% in 2025, while platinum surged 59%, providing additional revenue strength to Russia’s mining sector.
For Russia, the combination of record prices, expanding trade with China, and robust domestic demand suggests that gold remains not just a reserve asset, but a strategic economic pillar in 2026.
FAQs
1. How much gold did Russia sell in January?
Russia’s central bank sold approximately 9.33 tonnes of gold, marking its first reserve decline since October.
2. How much revenue did Russia generate from the sale?
The bullion sale likely generated between USD 1.41 billion and USD 1.68 billion, depending on the realized price.
3. Did Russia’s total gold reserves fall significantly?
In volume terms, reserves fell to around 2,317 tonnes, but the overall value of holdings increased due to higher gold prices.
4. Why did the value of reserves increase despite the sale?
Gold prices surged to record highs, pushing the total reserve valuation up 23% to USD 402.7 billion even after the physical reduction.
5. How is China linked to Russia’s gold strategy?
China has strengthened precious metals trade ties with Russia, with exports to China rising 80% year-on-year to USD 1 billion in the first half of 2025, while the People’s Bank of China remains an active gold buyer.
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