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Russia becomes world’s largest gold purchaser
February 12, 2013, 4:52 pm

[Getty Images]

[Getty Images]

The Central Bank of Russia has bought over 570 tons of gold over the past decade making the country the largest gold purchaser worldwide.

China sit in second position with 25 per cent less purchases than Russia.

In 2012 alone Russia’s gold reserves went up by 8.5 per cent.

During this period the price of gold has risen drastically.

In 2003 an ounce of gold cost $350, in 2005 it cost $495, and an ounce currently stands at $1665.

Russian gold reserves of 958 tons are only the eighth highest in the world.

The US tops the ranking with 8,134 tons, followed by Germany (3,391 tons) and IMF (2,814).

And while Russia holds 9.5 per cent of its reserves in gold the US, Germany, Italy and France hold over 70 per cent.

Russia does boast large natural resources of gold and plans to increase its output by four to five per cent annually.

However, these countries are increasingly sending gold and thus decreasing their reserves.

This seems to be a popular trend at the moment, but extensive purchases have brought about significant profits.

Daria Chernyshova

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