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Russian central bank confirms over one million ounces of gold purchased in last 12 months

Earlier this month we reported that China’s Central Bank had disclosed its fourth consecutive monthly increase in gold holdings. The People’s Bank of China confirmed the acquisition of 28.9 tonnes in February, in what many consider to be a strategic show of strength.

As part of a wider trend of surging central bank demand for gold, Russia has now followed suit, with Moscow reporting that its central bank currently holds 74.9 million ounces of gold worth £111.06 billion ($135.6 billion). Overall, its gold reserves have increased by 2.5% since its invasion of Ukraine, while its total currency reserves decreased by 11.9% in the same period.

Soaring central bank holdings are expected to be a recurrent theme during 2023, with the World Gold Council saying, “Looking ahead, we see little reason to doubt that central banks will remain positive towards gold and continue to be net purchasers in 2023.”

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