The country's bullion holdings were valued at $402.7 billion as of early February

The value of Russia's gold reserves has reached an all-time high, exceeding the $400 billion mark, according to statistics released by the country's central bank on Friday.

Russia's holdings of monetary gold stood at $402.7 billion as of February 1. The figure suggests that the metal currently makes up 48.3% of Russia's total reserve assets, which stood at $833.5 billion. Russia's gold reserves are now virtually equal in value to its holdings of foreign currencies.

This surge in value is directly tied to an unprecedented rally in global gold prices. Precious metal futures surged to a record high of $5,595 per ounce in late January. Gold jumped by around 60% in 2025 alone and has rallied significantly over the past four years, having traded below $2,000 an ounce in 2022. Analysts attribute the rally to robust demand from central banks, persistent inflation, heightened geopolitical tensions, and the devaluation of the US dollar.

The rise has drastically altered the composition of Russia's reserves. The share of gold has risen from 21% prior to the Ukraine conflict, while the share of foreign currencies has dropped from the 74% recorded on February 1, 2022.

Rising gold prices have helped Russia cover much of the losses from the sovereign reserves frozen in the West. The increase in the value of Russia's gold holdings restores much of the country's lost financial capacity, even if the blocked reserves remain inaccessible.

Russia's central bank has reported little change in the physical volume of its gold reserves in recent years. According to Bank of Russia data, the country held 73.9 million troy ounces of monetary gold as of March 1, 2022. By January 1 this year, that figure had risen slightly to 74.8 million ounces.

Since 2022, the central bank has stopped reporting gold transactions to the International Monetary Fund, disclosing only the total size of its gold stockpile, typically with a delay. As a result, most of the recent growth in the value of Russia's gold reserves reflects rising global prices rather than significant changes in the volume held.

Monthly data indicate that the reported quantity of gold has remained largely stable, while its valuation has increased sharply due to the sustained rally in precious metals markets.