The physical gold reserves held by Russian banks fell sharply at the end of 2024, RBC reported on Tuesday, citing data from Russia’s Central Bank.
As of January 1, 2025, the total value of precious metals and gemstones on Russian banks’ balance sheets had dropped to 325.4 billion rubles ($3.4 billion). Converted to gold, that amounts to 38.1 metric tons, the lowest level since July 2022.
According to the Central Bank, gold reserves declined 23.6 percent in monetary terms over the course of 2024. Measured in physical gold, however, the drop was far steeper — 46.4 percent, or more than 33 metric tons. The last time reserves fell so sharply was in 2020, when the economic crisis and the pandemic led to a 34.5-metric-ton decline.
Experts interviewed by RBC linked the slump to a high key interest rate in Russia and record-breaking gold prices.
Gold reserves in Russian banks had reached an all-time high on October 1, 2023, when financial institutions held 472.4 billion rubles’ ($4.9 billion) worth of precious metals, or more than 80 metric tons of gold.
According to the World Gold Council, gold prices hit record highs 40 times in 2024. As of February 11, 2025, gold was trading at just over $2,900 per ounce.
