Russian exports of precious metals including gold and silver to China have significantly increased in the first half of the year, with an 80% jump to $1bn compared to the same period last year, reported Bloomberg, citing data from Trade Data Monitor.
This surge is attributed to record gold prices, which have risen by around 28% this year, driven by various global economic factors.
These factors reportedly include heightened geopolitical risks, trade tensions, and robust buying from central banks and exchange-traded funds.
As the world’s second-largest gold producer, Russia’s annual output exceeds 300 tonnes (t). However, since its invasion of Ukraine in 2022, Russia has been excluded from Western trading hubs such as London and New York.
This has left China as one of the few major markets available for Russian precious metals.
Despite the Bank of Russia halting large-scale gold purchases, domestic retail demand within Russia has surged, reaching a record high in 2024. Russian citizens have increasingly turned to precious metals as a means to protect their savings amidst economic uncertainty.
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By GlobalDataRussian palladium and platinum producer MMC Norilsk Nickel has responded to the market conditions by increasing its exports to China this year.
The prices for these metals have risen significantly, with palladium and platinum prices increasing by 38% and 59%, respectively, this year.
In the first half of 2025, Norilsk Nickel reported that the production of palladium and platinum reached 1.3 million ounces, a 5% decrease year-on-year, and 335,000oz, a 6% decrease year-on-year, respectively. All platinum group metals were sourced from the company’s own Russian feedstock.
