Russia sells gold reserves at fastest pace since 1998 – report

Russia has been selling gold from its official reserves for at least 10 consecutive months, at a pace not seen since the 1998 financial crisis, according to a report by The Moscow Times cited by Dnevnik.bg on 1 November.

The sales, which have been ongoing since at least the start of the year, mark the longest sustained reduction in Russia's gold holdings in 28 years. Reports of the selling first appeared in early August, but the exact total sold or the reasons behind the decision have not been disclosed.

Central banks often adjust their gold reserves as part of monetary policy and foreign exchange management. Selling gold can be a way to raise cash or rebalance assets, particularly during times of economic shifts. While the report highlights the unusual pace of the sales, it does not indicate any immediate concern for the Russian economy.

Gold prices have remained relatively stable in recent months, and global demand for the metal continues to be strong. The move contrasts with the trend of many central banks increasing their gold holdings in recent years to diversify away from the US dollar.

For Bulgaria, which holds its own gold reserves as part of the Bulgarian National Bank's assets, the development serves as a reminder of how central banks actively manage their portfolios in response to changing conditions. Analysts will be watching to see whether the trend continues, as prolonged selling by a major holder could influence gold markets worldwide.