As gold reached record highs, Russia’s precious metals exports to China nearly doubled, totaling about $1 billion in the first half of the year.
Western markets have been largely closed to Russian bullion since 2022, pushing China to the forefront as a key trading partner. This realignment in global trade reflects broader geopolitical shifts and strong central bank buying, factors that have helped drive gold prices up roughly 28% this year.
At the same time, retail demand for gold within Russia has surged. Major producers such as MMC Norilsk Nickel are benefiting from robust Chinese interest in palladium and platinum, both of which have seen significant price gains this year.