Russia’s central bank reported a record high of $207.7 billion in gold reserves for October. Gold’s share in Russia’s total international reserves rose from 31.5% in September to 32.9%, the highest level since November 1999, when it reached 34%. Historically, the gold proportion peaked at 56.9% on Jan. 1, 1993, and dropped to a low of 2.1% in June 2007, as reported by RIA Novosti. Despite the increase in gold holdings, Russia’s overall international reserves slightly declined, falling from $633.7 billion in September to $631.6 billion in October, according to data from the Bank of Russia. Central banks are showing sustained interest in gold purchases as a means to diversify reserves for financial and strategic reasons, a trend noted at the recent London Bullion Market Association conference. Despite recent rallies in gold prices, demand has remained steady, with gold valued both for security and diversification. Most central banks continue to store their gold reserves in London.
Russia's Gold Reserves Climb to $207.7B — A Shift in Global Strategy?
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