Russia's gold reserves have reached an all-time high, exceeding the 400 billion USD mark, according to data released by the Central Bank of Russia on February 6.
As of February 1, 2026, the amount of gold held by Russia is valued at about 402.7 billion USD, marking an unprecedented milestone in the country's financial history.
Notably, gold currently accounts for 48.3% of Russia's total reserve assets, in the context of total national reserves reaching about 833.5 billion USD.
This means that the value of gold reserves is almost equal to the entire amount of foreign currency that Russia holds - a strong reversal compared to the traditional reserve structure before.
The main driving force behind this leap does not come from Russia buying more gold on a large scale, but mainly from the skyrocketing rise of gold prices in the world market.
At the end of January, gold futures prices climbed to a record high of about 5,595 USD/ounce. In 2025 alone, gold prices increased by about 60% and if viewed more broadly, this precious metal has increased sharply continuously in the past 4 years, from below 2,000 USD/ounce in 2022.
According to analysts, the unprecedented price increase of gold was driven by many intertwined factors: strong buying demand from central banks, prolonged inflation in many major economies, escalating geopolitical tensions and the trend of the USD depreciating.
In that context, gold is increasingly seen as a safe "basement" for countries that want to reduce dependence on Western-dominated financial systems.
The increase in gold prices has deeply changed Russia's reserve structure. Before the Ukraine conflict, gold accounted for only about 21% of total reserves, while foreign currency accounted for 74% (as of February 1, 2022).
Currently, this balance has reversed, reflecting Moscow's more cautious financial strategy in the context of Western sanctions.
Notably, the increase in gold has helped Russia compensate for most of the damage caused by part of the national reserves being frozen abroad. Although these assets are still unavailable, the sharp increase in gold value has significantly restored Russia's "financial capacity", creating more room for macroeconomic stability and monetary policy.
The Central Bank of Russia said that the volume of physical gold held by this country has not changed much in recent years. According to official data, Russia owned about 73.9 million ounces of gold in March 2022; by January 1, 2026, this figure only increased slightly to 74.8 million ounces.
Since 2022, Russia has also stopped reporting detailed gold transactions to the International Monetary Fund, only announcing total gold reserves, usually with a certain delay.
World gold prices closed the session on February 6, 2026 trading at 4,966.26 USD/ounce.
Regarding domestic gold prices in the Vietnamese market, at 11:33 am on February 7, SJC gold bar prices and Bao Tin Minh Chau 9999 gold rings were both traded at 176.3 - 179.3 million VND/tael (buying - selling).
