Russia's gold reserves highest ever

RUSSIA / FSU POLITICS - In Brief 23 Sep 2020 by Alex Teddy
On September 22 it was reported that Russian banks increased their gold reserves by 25% in August. Reserves are now 121 tonnes. That is 10% greater than the previous all-time high in 2019. Gold reserves are now worth 7.5 billion, so said the Central Bank of Russia.The rise in gold reserves could be related to the Belarus situation and the threat of more sanctions because of Navalny. In August 2020 gold prices reached a historic high at USD 2,000 per ounce. They have dipped since. Overall the gold price is up 30% in 2020.August was the 4th month in a row in which Russian banks increased their gold reserves.

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