Russia’s Gold Reserve Value Falls 9.56% to $301.607 Billion in September

The dollar value of gold in Russia’s international reserves fell 9.56% in September to $301.607 billion, lowering the value of one component of the country’s overall reserves.

The dollar valuation was $301.607 billion on Sept. 30, compared with $333.484 billion on Aug. 31. The physical amount and dollar value measure different aspects of the reserve.

In remarks on Sept. 11, before the September figures were available, Bank of Russia Gov. Elvira Nabiullina discussed a modest decline then underway while answering a question about second-quarter gold sales. She linked the decline chiefly to Finance Ministry transactions involving National Wealth Fund assets under the budget rule. She also said gold is used to produce coins and added, “We do not disclose additional details of our operations with gold.”

The dollar-value data do not establish whether any gold was sold on the market in September.