Russia sold 300,000 ounces of gold as prices hit record

Russia’s central bank sold gold from its reserves in January, taking advantage of prices that had climbed to record highs.

The country’s bullion holdings fell by 300,000 ounces to 74.5 million ounces, according to data published Friday by the Bank of Russia. The sale marked the first decrease in gold reserves since October.

Gold prices hit a record in January, averaging roughly $4,700 per ounce. That suggests the sale could have brought in about $1.4 billion for the budget if transacted at market prices.

The Bank of Russia began drawing on its bullion last year as part of so-called mirror operations linked to the Finance Ministry’s sales of National Wellbeing Fund assets. In the first two months of 2025, the ministry spent 419 billion rubles ($5.5 billion) from the fund, selling gold and foreign currency to offset the drop in oil and gas revenue amid an expanding budget deficit.

Despite the sale, the value of Russia’s gold reserves rose 23% in January to $402.7 billion, buoyed by the rally in prices.

Since the Kremlin’s full-scale invasion of Ukraine in 2022, the increasing value of gold has delivered a windfall comparable in size to Russia’s foreign-currency assets frozen in Europe.

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