China sets record for gold imports from Russia in November – media
According to Ukrinform, The Moscow Times stated this in an article.
High volumes of deliveries have been recorded for the second consecutive month: in October, exports of Russian gold to China were estimated at $930 million.
In total, over the first 11 months of the year, China imported Russian gold worth $1.9 billion – almost nine times more than in the same period last year, when supplies either did not take place or did not exceed $223 million.
The sharp increase in purchases is taking place amid Beijing's active policy of building up gold reserves and reducing dependence on the US dollar.
At the end of November, it became known that the Central Bank of Russia had for the first time begun actual sales of physical gold from its reserves to finance the state budget.
It is also noted that in mid-November the Financial Times reported that China in 2025 may have purchased several times more gold than is reflected in official statistics.
According to estimates by Societe Generale, the volume of purchases could have reached about 250 tonnes – more than one third of all gold purchases made this year by the world's central banks.
Such volumes may have been one of the factors behind the sharp rise in gold prices, which have increased by about 55% since the beginning of the year.
As Ukrinform reported earlier, gold and silver prices rose to record highs amid slower-than-expected inflation in the United States, which supported forecasts for further interest rate cuts.
Photo: freepik
