Russia's Gold Reserves Fall to Lowest Level Since 2020 as Central Bank Sells Bullion

Russia's gold reserves continued to decline in June, reaching their lowest level since early 2020 as the Bank of Russia extended its selling campaign while many other central banks continued to accumulate bullion.

According to data released by the Bank of Russia, the country's gold reserves stood at 73.4 million troy ounces as of July 1, 2026. That compares with 73.7 million ounces a month earlier and 73.9 million ounces on May 1, marking the smallest reserve volume since February 2020.

Russia Continues to Reduce Gold Holdings

Figures from the World Gold Council show that global central banks collectively increased their gold reserves by 41 tonnes in May 2026. Russia, however, moved in the opposite direction, reducing its holdings by another six tonnes.

Since the beginning of the year, the Bank of Russia has sold a total of 34 tonnes of gold, bringing the country's reserves down to 2,292 tonnes, according to the World Gold Council.

The Russian central bank also led global gold sales in January, disposing of nine tonnes of bullion. Bulgaria ranked second after selling 1.9 tonnes, while Kazakhstan and Kyrgyzstan each sold 1.1 tonnes.

Global Demand for Gold Remains Strong

Several central banks continued to expand their gold reserves during the same period. Turkey purchased 10.2 tonnes, followed by Uzbekistan with 8.7 tonnes. Malaysia added 3.4 tonnes, while the Czech Republic and Indonesia increased their reserves by 1.7 tonnes and 1.5 tonnes, respectively.

Boris Krasnozhenov, Head of Securities Market Analysis at Alfa-Bank, said gold prices could climb above another key psychological threshold if tensions in the Middle East continue to intensify. He argued that persistent geopolitical risks and economic uncertainty are likely to keep gold in demand as a traditional safe-haven asset, with prolonged conflict potentially pushing prices to new record highs.