Russians are shopping for enormous quantities of gold with the ruble underneath stress from excessive inflation and sanctions

• The World Gold Council mentioned Russians purchased 75.6 metric tons of gold final yr, up by 6% from 2023.

• Gold is a safe-haven asset that is usually in demand amid excessive inflation and geopolitical tensions.

• The worth of gold hit a document on Wednesday, leaping above $2,900 an oz..

Russian customers are shopping for document quantities of gold, in response to information from the World Gold Council.

The group mentioned in a report revealed on Wednesday that Russian customers bought 75.6 metric tons of the dear metallic final yr, representing a 6% soar from 2023 and a 62% enhance from 2021, proper earlier than the struggle in Ukraine broke out.

Russians have been piling up gold — which traders usually view as a safe-haven asset— as surging inflation and strict sanctions eat into the worth of the ruble domestically and internationally.

Russia’s statistics company has mentioned the nation’s inflation charge in 2024 was 9.5%, the very best degree because the struggle broke out in February 2022, and up to date information signifies costs have continued to rise within the first few weeks of 2025.

An escalation of Western sanctions in opposition to Russia has made gold purchases a lovely different to conventional investments, because the ruble has plunged to historic lows because the struggle broke out. Cross-border fee restrictions have additionally made it tougher for Russian residents to diversify their investments outdoors the nation.

The Russian authorities might be completely satisfied to see its customers buying document quantities of gold, because it has few avenues to dump the greater than 300 metric tons it mines yearly.

Moreover, Russia’s central financial institution hasn’t been buying practically the quantity of gold it has prior to now; earlier than the struggle, it was the world’s largest gold purchaser.

Russian customers’ purchases are to this point working of their favor. The worth of gold jumped by 28% in 2024 and is already up by 10% to this point in 2025.

The worth of gold on Wednesday elevated by practically 1%, to a document excessive of $2,902 an oz..

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