#Russia reduced its #gold holdings by approximately 900,000 ounces during the first four months of 2026, generating an estimated $4.3 billion in revenue. This move reflects Moscow's use of gold reserves to offset budget pressures and declining energy revenues.
However, current pressure on gold is not solely coming from Russia, but also from:
The strength of the dollar
Rising US interest rates and yields
A temporary decrease in hedging demand
Central bank purchases continue to support gold in the long term.
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