Russia's Central Bank Sells 44 Tonnes of Gold Amid Economic Pressures
Russia's Central Bank has sold 44 tonnes of gold in the first half of 2026, marking a significant reduction in its gold reserves. This move comes as the bank's total official reserve assets fell to $720.4 billion by the end of June, down from $747.4 billion in May. The sales are reportedly aimed at covering the country's budget deficit, which reached 4.6 trillion rubles by March, and to bolster foreign currency reserves amid weak export earnings. The gold was primarily sold to Russian banks through exchange and over-the-counter markets. This marks the sixth consecutive month of declining gold reserves for Russia, with the most significant drop since 2002 occurring earlier this year. 
