Russia’s Gold Rush: Record Purchases Amid Inflation & Sanctions in 2024-2025
Russia's gold purchases hit record levels in 2024 due to high inflation and economic sanctions. Discover why Russians are investing heavily in gold, how the ruble's devaluation impacts demand, and the latest gold price surge trends.

High Inflation and Sanctions Drive Russians to Buy More Gold
Gold purchases in Russia have surged to record levels, according to a report by the World Gold Council. In 2024, Russians bought 75.6 metric tons of gold, marking a 6% increase from 2023 and a 62% rise compared to 2021.
Why Has Gold Buying Increased?
- High Inflation – Inflation in Russia reached 9.5% in 2024.
- Ruble Depreciation – International sanctions have weakened the Russian ruble.
- Western Economic Sanctions – With limited investment options abroad, Russians view gold as a safe asset.
Is the Russian Government Benefiting?
- Russia mines 300 metric tons of gold annually.
- Increased gold purchases generate revenue for the Russian economy.
- The Russian Central Bank was once a major gold buyer, but its purchases have now declined.
Gold Prices Surge in 2024–2025
- Gold prices rose 28% in 2024.
- Since early 2025, prices have increased another 10%.
- In February 2025, gold reached a record high of $2,902 per ounce.
As global markets continue to see gold as a safe investment, Russians are increasingly buying gold to safeguard their wealth and counter economic instability.
What's Your Reaction?






