(Kitco News) – Russia’s central bank sold a significant amount of gold from its reserves in January as prices hit all-time record highs above $5,500 per ounce, according to the latest data from the Central Bank of Russia (CBR).
The country sold 300,000 ounces, the CBR announced on Friday, lowering its total gold holdings to 74.5 million ounces. This was the first decrease in Russia’s gold reserves since October.
Gold prices averaged roughly $4,700 per ounce in January, but peaked at $5,600 per ounce, so the bullion sales likely brought in somewhere between $1.41 billion and 1.68 billion.
Even with the sale, the value of Russia’s gold reserves rose 23% in January to $402.7 billion as prices shot to record highs.
In July, Bloomberg reported that Russia’s precious metals exports to China nearly doubled in value during the first half of 2025.
“Chinese imports of Russian precious metal ores and concentrates, including gold and silver, jumped 80% to $1 billion from the same period a year earlier,” Bloomberg reported at the time, citing data from Trade Data Monitor and China’s customs office. “Bullion prices have climbed about 28% this year, boosted by heightened geopolitical risks and trade tensions, alongside buying by central banks and exchange-traded funds.”
Russia is the world’s number-two gold producer – second only to China – with an annual output of over 300 tonnes. Russia’s central bank was also one of the world’s biggest sovereign gold buyers, but its purchases have fallen off since the full-scale invasion of Ukraine in 2022. The People’s Bank of China continues to be among the leading central bank buyers in recent years.
Russia’s gold exports to China are up in volume terms, but much of the difference is also due to the gold price rally over the last 12 months, with spot prices rising nearly 43% over the last 12 months.
The country’s gold miners are also supporting rising domestic retail demand, which hit a record high last year as Russians clamored for precious metals to protect the value of their savings. Russian consumers purchased 75.6 tonnes of gold in 2024, representing approximately 25% of the country’s annual production.
The more recent rally in other precious metals has also boosted revenues among Russia’s top miners. “MMC Norilsk Nickel PJSC, one of the world’s top producers of palladium and platinum, has ramped up exports to China this year,” the report noted. “Prices for the two metals jumped 38% and 59%, respectively [in 2025].”
