Russia's 2025 Gold Exports to China
In 2025, Russia dramatically increased its gold shipments to China, exporting 25.3 tonnes of the precious metal. This export volume was nine times greater than the figure for 2024, when exports were valued at just $223 million. By contrast, the value of gold exported in 2025 reached $3.29 billion. The bulk of these shipments occurred in two main periods: February-March and October-December. A peak was recorded in December, with 10 tonnes of gold worth $1.35 billion shipped, accounting for over 40% of the annual total.
This export surge coincided with a sharp decline in Russia's domestic gold reserves. As of January 1, 2026, the Russian National Welfare Fund held 160.2 tonnes of gold, a significant drop from the 554.9 tonnes held in May 2022. This shift occurs as Russia seeks new markets for its commodities amid international sanctions. The price of gold rose by 64% in 2025, and from the start of 2026, it increased by more than 17%, surpassing the historic milestone of $5,000 per ounce for the first time.
Precious Metals See Broad Price Increases
Beyond gold, other precious metals have also experienced substantial price growth. The price of silver rose to $106.8 per ounce, with a record high of $109.44. Platinum increased to $2,802 per ounce, and palladium reached $2,034.75. On Friday, January 23, the price of silver exceeded $100 per ounce for the first time, following a near 150% price increase over the previous year. In response to these market shifts, the Central Bank of Russia has, for the first time, initiated direct sales of gold from its strategic reserves on the domestic market.
The massive increase in gold exports to China signals a pivot in Russia's foreign economic policy and a growing reliance on the Chinese market. The drawdown of domestic gold reserves may point to financial pressures facing the country and a need to cover budgetary expenses. While soaring prices for gold, silver, platinum, and palladium could have mixed economic impacts, analyzing these trends provides crucial insight into Russia's future economic strategies and its adaptation to a changing global financial landscape.