As it became known recently, at the end of October of this year, Russia's gold reserves rose again. The country's central bank bought another 300,000 ounces of yellow precious metal for state reserves, although 900,000 ounces were bought last October.
According to official data from the Central Bank of Russia, the country's international reserves at the end of October 2019 amounted to $ 540.91 billion, an increase of + 1.9% compared to the previous month. Gold reserves currently amount to 72.4 million ounces, which corresponds to 2.251.89 tons of precious metal. Thus, another 300,000 ounces of gold (9.33 tons) were purchased in October.
At the time of the calculation, the value of Russia's gold reserves rose to $ 107.90 billion, while the share of gold in total international reserves amounted to 19.9% (in September it was 20.3%). It is worth recalling that the Central Bank of the Russian Federation buys yellow precious metals on a regular basis from Russian gold mining companies that do not have the ability to sell their products abroad.
Since the beginning of this year (January-October), the financial authorities of Russia have bought 4.5 million ounces of gold for reserves, which corresponds to almost 140 tons. Last year, 7.3 million ounces (227 tons) were bought during this period. Thus, the decrease in purchases amounted to -38%.
According to some analysts, if the negotiations between the United States and China fail to sign the final trade agreement, the world price of gold can again rise above the psychologically important level of $ 1,500 per ounce. In this case, the global economy will face a possible recession.