Russia's gold reserves reach unprecedented value, according to data
In October, the country's bullion holdings exceeded a value of $200 billion, as stated by the central bank. For more details, Read Full Article at RT.com.
TroibNews 
According to the country's central bank, Russia's gold holdings have exceeded $200 billion for the first time ever.
In October, the value of Russia's gold holdings surpassed $200 billion, marking a historic milestone, while the share of bullion in the country's international reserves rose to 32.9%. The Bank of Russia announced on Friday that the value of its gold reserves increased by nearly 4% last month, surpassing the previous record set in September. As of November 1, the dollar value of these reserves reached $207.7 billion. Gold prices experienced a rise of about 4% in October, after hitting a record-high of $2,800 per ounce during that month, amidst fluctuating prices driven by escalating geopolitical tensions.
Last month, the proportion of monetary gold in Russia's international assets was the highest recorded since November 1999, which had a peak of 34%. The highest level in the country's modern history occurred in January 1993, reaching 56.9%.
As of November 1, the central bank reported that Russia's international reserves totaled $631.6 billion, down by $2.1 billion from October.
Almost half of Russia's international reserves were frozen by Western nations in early 2022 as a response to Ukraine-related sanctions, but the Bank of Russia has not specified the exact assets that are immobilized.
The portion of Russia's reserves that remains accessible includes gold, domestic foreign currency, and holdings of Chinese yuan.
Bank of Russia Governor Elvira Nabiullina has stated that the country's financial stability will not be compromised even if the West seizes its frozen assets. The regulator has been actively diversifying its foreign exchange reserves for several years and is currently utilizing reserves that are not impacted by sanctions, as noted by Nabiullina.
Moscow has condemned the freezing of the central bank's assets as illegal, arguing that any measures against its sovereign funds would be tantamount to “theft.” The Kremlin has signaled that it will respond if these funds are confiscated, emphasizing that such actions would violate international law and have negative repercussions for Western currencies, the global financial system, and the world economy.
Rohan Mehta for TROIB News
In October, the value of Russia's gold holdings surpassed $200 billion, marking a historic milestone, while the share of bullion in the country's international reserves rose to 32.9%. The Bank of Russia announced on Friday that the value of its gold reserves increased by nearly 4% last month, surpassing the previous record set in September. As of November 1, the dollar value of these reserves reached $207.7 billion. Gold prices experienced a rise of about 4% in October, after hitting a record-high of $2,800 per ounce during that month, amidst fluctuating prices driven by escalating geopolitical tensions.
Last month, the proportion of monetary gold in Russia's international assets was the highest recorded since November 1999, which had a peak of 34%. The highest level in the country's modern history occurred in January 1993, reaching 56.9%.
As of November 1, the central bank reported that Russia's international reserves totaled $631.6 billion, down by $2.1 billion from October.
Almost half of Russia's international reserves were frozen by Western nations in early 2022 as a response to Ukraine-related sanctions, but the Bank of Russia has not specified the exact assets that are immobilized.
The portion of Russia's reserves that remains accessible includes gold, domestic foreign currency, and holdings of Chinese yuan.
Bank of Russia Governor Elvira Nabiullina has stated that the country's financial stability will not be compromised even if the West seizes its frozen assets. The regulator has been actively diversifying its foreign exchange reserves for several years and is currently utilizing reserves that are not impacted by sanctions, as noted by Nabiullina.
Moscow has condemned the freezing of the central bank's assets as illegal, arguing that any measures against its sovereign funds would be tantamount to “theft.” The Kremlin has signaled that it will respond if these funds are confiscated, emphasizing that such actions would violate international law and have negative repercussions for Western currencies, the global financial system, and the world economy.
Rohan Mehta for TROIB News
