Russia's Gold Reserves Fall to Six-Year Low

As of August 1, 2023, Russia's gold reserves amounted to 73.2 million troy ounces, marking the lowest level in over six years. The Central Bank of Russia continues to sell off gold from its reserves, resulting in a decrease of 2,280 tons. In July, reserves decreased by 0.2 million ounces, and since the beginning of the year, by approximately 50 tons. Since the start of 2023, the value of gold in reserves has dropped by $33.7 billion. The reduction in reserves began after a prolonged period of growth when the Central Bank was the largest buyer of gold in the world, but purchases were halted in early 2020. According to the World Gold Council, a similar reduction in reserves was only recorded by the Central Bank of Russia in 2002. The central bank is selling gold to cover a federal budget deficit that has reached nearly 6 trillion rubles over six months.