On Thursday, RIA Novosti reported that September data from the world’s central banks showed that Russia’s gold bullion reserves hit an all-time high.

The news agency calculated that in September, Russia increased its gold reserves by 2%, which raised the total volume of the precious metal held by Russia to 2,360 tons, which is the largest amount the country has held in modern history.

In terms of total volume held, Russia comes in at number five in the world, after the US, Germany, Italy, and France. Just behind Russia is China, which holds 2,200 tons.

Russia’s accumulation of gold is part of a broader trend among central banks across the globe. The institutions are purchasing record quantities of the precious metal as a means of bracing for economic uncertainty, in an economy where inflation has proven stubbornly persistent, and high interest rates are crushing economic growth.

In a recent report, the World Gold Council found that over the third quarter of this year, China was the largest buyer of gold globally, as India, Türkiye and Russia, as well as some other developing economies, which all notably added to their reserves.

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