If you think gold is a safe investment, you are not wrong. The thing is, at this time this same ‘gold’ is bringing a powerful country like Russia out of a major economic crisis. According to the latest figures from the Bank of Russia, Russia sold 6.2 tonnes (approximately 62,000 kilograms) of ‘gold’ in the month of September alone. According to the rate of gold in the global market, this price is more than 77.46 lakh crore rupees.
Russia’s gold reserves have fallen to 2,264 tonnes (72.8 million troy ounces) after the ongoing sell-off. This is its lowest level since the end of 2019. This is the first time since the 1998 financial crisis that Russia has been depleting its gold reserves so rapidly. Statistics show that Russia has sold approximately 62 tonnes of gold since December 2025.
In fact, the biggest reason behind this is Russia’s growing federal budget gap (deficit) and the cost of the Ukraine war. It is estimated that 38% of the total budget for the year 2026 will be spent on military and security alone. The government is having to sell its ‘gold’ to meet this huge expenditure.
Gold reserves have been declining for 10 months in a row, in stark contrast to Russia’s pre-2022 ‘gold accumulation strategy’. Russia had $301.6 billion in ‘gold’ as of the end of September, up from $333.5 billion exactly a month ago.
Now where Russia is selling ‘gold’ under compulsion, ‘China’ is buying it frozen. According to the report, Russia’s exports of precious metals (gold and silver) to China are expected to increase by 80% to $1 billion in the first six months of 2025.
Geo-political tensions and central bank purchases have also led to a bumper jump in gold prices of around 43% over the past 12 months, further increasing the value of exports.
After China, Russia is the second largest gold producing country in the world, which produces more than 300 tons of gold every year. Interestingly, not only the government but also ordinary Russian citizens are buying ‘gold’ in droves to protect their life savings. In the year 2024, Russians bought 75.6 tonnes of ‘gold’, which was about 25% of the country’s total annual production.
‘Gold’ will go below ₹1 lakh? US Bank’s ‘Big Prediction’, Investors’ ‘Holding Breath’
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