Russia's Gold Exports to China Hit Record Highs

In November, the volume of Russian gold exports to China reached nearly one billion dollars, setting an absolute record in the history of trade between the two countries.

Russia supplied China with gold worth a record amount – nearly 961 million dollars in November, reports RIA Novosti. This volume of supplies is the highest in the history of bilateral trade between the countries, according to data from Chinese customs analyzed by the agency.

For the second consecutive month, the volume of gold exports from Russia to China has exceeded record levels: in October, it reached 930 million dollars. In the same period last year, such supplies were not recorded, and the previous maximum was only 223 million dollars.

In total, over 11 months, China imported Russian gold worth 1.9 billion dollars, which is nearly nine times higher than the figures for the same period last year. The increase in exports is attributed to changes in logistics and the search for new markets amid imposed restrictions.

In December, the price of gold on the Comex exchange exceeded 4,350 dollars.

Earlier, billionaire investor Bill Gross stated that gold behaves more like a speculative or meme asset rather than a safe haven asset.

Gold production in Russia remains consistently high, with the country ranking second in the world after China, extracting about 330-345 tons annually, with the leaders being the Krasnoyarsk Territory, Yakutia, and the Magadan Region, and the main players being companies such as Polyus, Polymetal, and South Ural Gold. The extraction comes from both primary and alluvial deposits, and further growth is forecasted.

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