Gold Rush Vol. 2: Why is Russia Buying More Gold?

Gold Rush Vol. 2: Why is Russia Buying More Gold?

In January, Russia’s Central Bank (CBR) increased its holding of gold by almost 20 metric tons to 1,857 tons, hitting a historic high and outstripping China in gold reserves. But why does Russia need so much gold and how does it help the government to level currency risks? Russia’s international reserves amount to $454 billion, gradually approaching the target level of $500 billion set by the CBR.