Russia sells 300,000 ounces of gold, earns 50 billion THB as prices hit record
Russia sold 300,000 ounces of gold in January 2026, earning up to $1.68 billion as gold prices hit a record high. Despite reduced reserves, the value of Russia's gold reserves rose by 23%.
Russia’s central bank sold a total of 300,000 ounces of gold in January 2026, taking advantage of record-high gold prices, potentially generating as much as $1.68 billion (approximately 52.2 billion THB). The sale occurred as gold prices surged to historic levels, surpassing $5,500 per ounce for the first time.
In January, the average gold price was approximately $4,700 per ounce, and the sale of 300,000 ounces is estimated to have earned Russia between $1.41 billion and $1.68 billion (around 43.8 billion to 52.2 billion THB).
Despite this large sale, Russia's total gold reserves dropped to 74.5 million ounces, marking the first decline in the country’s gold reserves since October 2025.
Although Russia’s gold reserves decreased in volume, the value of its gold reserves increased by 23% in January 2026, reaching $402.7 billion due to the record-breaking gold prices during the month.
Russia's Gold Exports to China Soar, Doubling in Value
In July 2025, Bloomberg reported that the value of gold exports from Russia to China nearly doubled during the first half of the year.
According to data from Trade Data Monitor and China’s Customs Department, imports of precious metals from Russia, including gold and silver, surged by 80%, reaching a total value of $1 billion compared to the same period the previous year.
This surge was driven by rising gold prices, geopolitical tensions, and increased central bank and gold ETF purchases.
Russia remains the world’s second-largest gold producer, behind China, with an output of over 300 tons per year.
The Russian central bank had been one of the world’s largest buyers of gold among central banks but reduced its purchases following the full-scale invasion of Ukraine in 2022.
Meanwhile, the People’s Bank of China (PBOC) has remained one of the largest buyers of gold in recent years.
The increase in Russia’s gold exports to China, both in terms of quantity and value, was partly driven by a sharp rise in gold prices over the past 12 months, with spot gold prices increasing by nearly 43%.
Additionally, Russia’s domestic gold producers have contributed to the rising demand, with Russian consumers purchasing a record 75.6 tons of gold in 2024, accounting for approximately 25% of the country’s total gold production.
Many Russians have been buying gold to preserve the value of their savings amid economic uncertainty.
