The Russian central bank has sold 700,000 troy ounces of gold so far this year, data showed on Monday.
Russia’s gold reserves stood at 74.1 million troy ounces as of the start of April, compared with 74.8 million at the start of the year.
The central bank valued its gold holdings at $334 billion, down from $384 billion last month but up from $325 billion on January 1. The buying of gold by global central banks was one of the key factors behind last year’s gold price rally.
The Russian central bank started to sell gold on the market in November 2025 as part of its operations on behalf of the fiscal reserve National Wealth Fund. It said at the time that it needed to diversify its reserves since the price rise had increased the proportion of gold in its reserves.
The bank also said it had taken advantage of increased liquidity on the domestic market.
The Russian central bank’s gold sales stand in contrast to continued purchases by central banks in China and Brazil this year.
Due to Western sanctions, the central bank can no longer buy and sell dollars or euros. Gold and Chinese yuan have become its most liquid assets.
Last month, gold suffered its steepest monthly decline since October 2008, on inflation worries and expectations of higher interest rates due to the impact of the war in Iran.
(By Gleb Bryanski; Editing by Kevin Liffey)
