The steady rise in gold prices in recent years is directly linked to investor concerns about the future stability of the global economy. Crises ranging from the coronavirus pandemic to Russia’s war against Ukraine and conflicts in the Middle East have all propelled the price of gold to new heights.
Against this backdrop, Kremlin officials are laughing all the way to the Central Bank. According to RBC, gold makes up about a third of Russia’s total reserves, and the most recent rally has driven the value of these holdings of roughly 2,326 tons to more than $302 billion.