The Russian central bank sold substantial amounts of its gold reserves in January, taking advantage of record-high prices.
Official data released Friday showed that the bank’s gold holdings declined by 300,000 ounces to 74.5 million ounces, marking the first decrease since October.
Gold prices had climbed above $5,600 per ounce last month, with an average of around $4,700 per ounce, suggesting that the sale may have generated approximately $1.4 billion if executed at prevailing market prices.
Despite the reduction in volume, the total value of Russia’s gold reserves rose by 23% in January to reach $402.7 billion, supported by higher global gold prices.
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