Is gold still attractive?: Russia continues to stock up on gold, reaching new records

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Gold has been becoming extremely attractive for several years (mainly after the pandemic), both for ordinary savers and for state and private banks.
Russia is among the main participants in the gold market. The Central Bank of Russia has been buying up gold in large quantities for the past 7-8 years.
Russia’s gold and foreign exchange reserves are at a historic high – in March 2025. Gold reserves amounted to a record $ 229 billion. This is 38% more than in 2024.

Gold reserves of Russia in $billons


A similar trend is observed in China, although the data from there are most likely incorrect and greatly underestimated.
A process of redistribution of gold is currently underway around the world. Gold is leaving Western Europe and heading to Asia, the United States and several other countries such as Russia and Poland.
As can be seen from the graphs and data around the world, the appetite for gold remains, its demand is outstripping supply. A number of retailers fail to consistently maintain stocks of investment gold sold to retail investors.

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