Russia has increased both its gold mining output and its gold reserves in the first quarter of this year. Figures from the Russian Central Bank show that 55.4 tonnes were added to Russia’s reserves in the first quarter of this year, with a further 16.7 tonnes in April according to news outlets.
The latest World Gold Council statistics revealed a six-year high for Q1 gold buying by central banks. National reserves grew by 145.5 tonnes between January and March; up 68% from 2018.
The WGC data also reported that Russian gold output was up by 12.6% for the first three months, bringing output to 58.12 tonnes. This is several tonnes higher than output of 51.61 tonnes in the same period last year.
Russia’s primary gold mines have all previously reported intentions to increase production, with the overall output of the nation expected to hit 400 tonnes a year by 2030. This ties in with the ongoing de-dollarisation of the Russian state reserves, with President Putin keen to minimise Russia’s exposure to the ups and downs of the US Dollar and the ease of buying the country’s own gold production.