Russia's Gold Reserves Plummet to Lowest Level Since 2020

Russia's gold reserves have hit their lowest level since January 2020, according to data released by the Bank of Russia. The central bank's holdings fell by 1.6 million ounces in the first seven months of the year, leaving them at 73.2 million ounces as of August 1.

The value of the bank's gold reserves plummeted by $33.7 billion over the same period, a significant drop that reflects the country's ongoing struggles with energy revenue and budget shortfalls.

The Bank of Russia was once one of the world's largest sovereign buyers of gold, but it paused acquisitions in early 2020 and never resumed large-scale purchases. Instead, it began reducing its gold holdings last year to help offset government transactions and maintain financial stability.