Russia’s Gold Mining Industry Booms with Growing Stockpile

(MENAFN) The latest data from the Federal State Statistics Service (Rosstat) has revealed that Russian gold miners produced 26.5% more gold in March 2022 compared to the same period last year. Additionally, gold production in March increased by more than 30% when compared to the previous month, and the first quarter figure was 9.1 percent higher than the same period last year. The production of other key metals like silver, platinum, and palladium also increased by 14.1 percent in March 2022, according to Rosstat data.

Furthermore, the Bank of Russia has reported that the country’s bullion stockpile has continued to grow over the past year. As of March 1, 2022, the country’s gold reserves had grown by 1 million ounces to 74.9 million ounces. This growth in gold reserves is a sign of Russia’s ongoing efforts to diversify its foreign currency reserves and reduce its dependence on the United States dollar.

Demand for gold has also been growing among the Russian population. According to the Finance Ministry, Russians purchased more than 75 tons of investment gold bullion in 2022. This trend can be attributed to the ongoing global economic uncertainty and the perceived stability of gold as a safe-haven asset.

In conclusion, Russia’s increased gold production and growing bullion stockpile demonstrate the country’s commitment to developing its gold mining industry and diversifying its foreign currency reserves. As demand for gold continues to grow, it is likely that Russia will continue to play an important role in the global gold market.

MENAFN01052023000045014146ID1106147470

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.