Russia Sells Gold Reserves Amid Record Prices, Earns Billions

• Russia's Central Bank sold 300,000 ounces of gold in January, generating $1.41 billion to $1.68 billion.
• This marks the first decrease in Russia's gold reserves since October, leaving 74.5 million ounces.
• Despite the sale, the total value of Russia's gold reserves increased by 23% to $402.7 billion due to record high prices.
• Russia, a major gold producer, is now balancing reserves through partial sales at high prices, focusing on Asian markets.
• Global gold prices surged 43% in 12 months, benefiting producers like Russia; domestic demand also remains strong.