MENA Newswire News Desk: The value of Russia’s gold holdings exceeded $200 billion for the first time in October, marking a historic milestone as bullion’s share in the country’s international reserves climbed to 32.9%, according to The Bank of Russia. The central bank reported a nearly 4% increase in the value of its gold reserves last month, surpassing the previous record set in September.
As of November 1, the dollar value of these reserves reached $207.7 billion. This increase aligns with October’s surge in gold prices, which hit a record high of $2,800 per ounce, reflecting a 4% rise during the month. This increase in gold’s share within Russia’s international reserves represents the highest proportion since November 1999, when it last peaked at 34%.
Historically, the highest level was recorded in January 1993, with monetary gold comprising 56.9% of the country’s assets, according to data from the central bank. Russia’s total international reserves, including assets like foreign currency and special drawing rights (SDRs), stood at $631.6 billion as of November 1, a slight decrease of $2.1 billion from the prior month. The elevated gold holdings underscore Russia’s continued diversification of reserves, particularly in a period of increased global economic uncertainty.