Russians’ Hunt to Shield Savings Pushes Gold Purchases to Record
A worker removes gold ingots from their molds in a foundry in Kasimov, Russia.
Photographer: BloombergThis article is for subscribers only.
Russians bought a record amount of gold last year as they sought to protect their savings amid sanctions, obtaining the equivalent of about a fourth of the country’s annual output.
Consumers purchased 75.6 metric tons (2.7 million ounces) of the yellow metal in bullion, coins and jewelery in 2024, the fifth biggest figure among all nations, according to World Gold Council data published Wednesday. That’s an increase of 6% on the previous year and more than 60% since President Vladimir Putin ordered his troops into Ukraine almost three years ago.