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Russia's Gold-Buying Spree Not Letting Up: Central Bank Buys Another 300K Ounces in July

22 August 2019


After topping $100 billion in gold reserves in June, Russia purchased another 300,000 ounces or nine tons of gold in July, according to the latest data released by the Russian central bank.The total amount of gold reserves rose 0.4% in the past month, reaching 71.3 million ounces or 2,218 tons as of August 1, compared to 71 million ounces or 2,208 tons as of July 1. The total value increased by 1.6%, rising to $101.9 billion, the central bank said.At the time of writing, December Comex gold futures were trading at $1,512.60, down 0.20% on the day.


Gold now accounts for 19.6% of Russia's total reserves, the latest official figures revealed.Russia bought a total of 3.4 million ounces or 106 tons of gold this year, adding substantial amounts each month. The country's central bank bought 600,000 ounces in June, 200,000 ounces in May, 550,000 ounces in April, 600,000 ounces in March, one million ounces in February, and 200,000 ounces in January.During the last decade, Russia's gold reserves have gone from 2% to 19% as of the end of 2018 Q4, according to the World Gold Council's (WGC) data.The WGC has been pointing to an overarching trend towards gold, noting that central banks around the world purchased a total of 651.5 tonnes of gold last year — the largest amount since 1971.This year is no different from the last, with central banks, which have been heavy gold buyers, continuing to add the precious metal to their reserves.