Twelve month cost gold grew significantly – by about $92 billion. This increase became possible due to a sharp jump in world prices for the precious metal.
According to the Bank of Russia, the valuation of the country’s gold assets approached $300 billion by November. Such a significant increase in one year has never been recorded before: it exceeded the total increase in the value of the stock over the previous four years.
The main reason for the rapid rise was the dynamics of the global market. The price of a troy ounce of gold has increased by about one and a half times over the year – from 2.7 thousand to 4 thousand dollars. At the same time, the volume of gold in Russian reserves did not increase. On the contrary, the physical stock decreased slightly – by about 3 tons. It now stands at about 2,330 tons, which equates to almost 75 million ounces.
The share of monetary gold in the country’s international reserves also increased. At the beginning of November, this figure reached 41%, which was the highest level in almost thirty years. The foreign exchange portion of assets, on the contrary, showed minimal changes – its volume increased by less than one percent, to $426 billion.
Thus, it was the increase in the global value of the metal that became the key factor in updating the record. Despite the moderate reduction in physical reserves, their monetary value has increased significantly, strengthening the role gold in the structure of Russian international reserves.
The material was prepared with the support of the Russian Ministry of Education and Science as part of the Decade of Science and Technology.
Source: dprom.online
