🇷🇺 Russia Sells 300,000 Ounces of Gold as Prices Hit Record Highs
Russia’s central bank sold 300,000 ounces of gold from its reserves in January — the first reduction since October — taking advantage of gold hitting record prices to help support the national budget amid fiscal pressures.
Key Points:
The sale occurred as gold prices reached historic highs, averaging around $4,700 per ounce in January.
This transaction likely generated roughly $1.4 billion for the Russian budget.
Despite selling physical gold, the total value of Russia’s gold reserves still rose ~23% due to the stronger prices, underscoring how bullion wealth grows even amid modest reserve reductions.
Expert Insight:
Selling gold at elevated prices reflects how central banks can strategically manage reserves to shore up finances while benefiting from a global rally in safe-haven assets — especially when traditional revenue sources (like oil and gas) face downturns.
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