The World Gold Council said Russians bought 75.6 metric tons of gold last year, up by 6% from 2023.
by Matthew Fox
Business Insider
Russian consumers are buying record amounts of gold, according to data from the World Gold Council.
The organization said in a report published on Wednesday that Russian consumers purchased 75.6 metric tons of the precious metal last year, representing a 6% jump from 2023 and a 62% increase from 2021, right before the war in Ukraine broke out.
Russians have been piling up gold — which investors often view as a safe-haven asset— as surging inflation and strict sanctions eat into the value of the ruble domestically and internationally.
Russia’s statistics agency has said the country’s inflation rate in 2024 was 9.5%, the highest level since the war broke out in February 2022, and recent data indicates prices have continued to rise in the first few weeks of 2025.