The gold cushion is melting: Russia reduces reserves while the world buys the gold metal becomes more expensive, the central banks of the world increase reserves, and Russia continues to reduce its own gold cushion. Since December 2025, the Bank of Russia has reduced gold reserves by about 62 tons. This is the largest sustained decline in inventories since 1998. Against the backdrop of a growing budget deficit, the precious metal becomes a source of liquidity for the state. At the same time, the world market is moving in the opposite direction: the central banks continue to replenish gold reserves. And after sharp fluctuations, the quotes rose again. Russia taps into its gold cushion According to the World Gold Council (WGC), Russian gold reserves fell by about 19 tons in the third quarter. Since December 2025, the decrease has reached about 62 tons. According to data from the Central Bank of Russia, the decline in inventories continued for ten months in a row. By the end of September, the volume of monetary gold had dropped to about 2,260 tons, the lowest level since 2019. One of the reasons is the budgetary operation. In September, the Ministry of Finance raised the forecast of the federal budget deficit for 2026 to 7.345 trillion rubles, or 3.2% of GDP. For January - September, the deficit already amounted to 5.186 trillion rubles. The Central Bank explained in the past that part of the reduction in gold reserves is related to the Ministry of Finance's activities within the framework of the use of the welfare fund funds. The regulator does not disclose details. The export market should also be taken into account. According to Hong Kong statistics, in the months of January - August 2026, Hong Kong imported 138.9 tons of gold from Russia - almost three times more than a year earlier. This is a supply of Russian metal to the foreign market, and not data on gold sales from the reserves of the Bank of Russia. Full statistics of Russian exports since 2022 have not been disclosed. World buys gold: 321 tonnes per quarter While Russian reserves are shrinking, demand from global central banks remains high.

The gold cushion is melting: Russia reduces reserves while the world buys the gold metal becomes more expensive, the central banks of the world increase reserves, and Russia continues to reduce its own gold cushion. Since December 2025, the Bank of Russia has reduced gold reserves by about 62 tons. This is the largest sustained decline in inventories since 1998. Against the backdrop of a growing budget deficit, the precious metal becomes a source of liquidity for the state. At the same time, the world market is moving in the opposite direction: the central banks continue to replenish gold reserves. And after sharp fluctuations, the quotes rose again. Russia taps into its gold cushion According to the World Gold Council (WGC), Russian gold reserves fell by about 19 tons in the third quarter. Since December 2025, the decrease has reached about 62 tons. According to data from the Central Bank of Russia, the decline in inventories continued for ten months in a row. By the end of September, the volume of monetary gold had dropped to about 2,260 tons, the lowest level since 2019. One of the reasons is the budgetary operation. In September, the Ministry of Finance raised the forecast of the federal budget deficit for 2026 to 7.345 trillion rubles, or 3.2% of GDP. For January - September, the deficit already amounted to 5.186 trillion rubles. The Central Bank explained in the past that part of the reduction in gold reserves is related to the Ministry of Finance's activities within the framework of the use of the welfare fund funds. The regulator does not disclose details. The export market should also be taken into account. According to Hong Kong statistics, in the months of January - August 2026, Hong Kong imported 138.9 tons of gold from Russia - almost three times more than a year earlier. This is a supply of Russian metal to the foreign market, and not data on gold sales from the reserves of the Bank of Russia. Full statistics of Russian exports since 2022 have not been disclosed. World buys gold: 321 tonnes per quarter While Russian reserves are shrinking, demand from global central banks remains high.