(Bloomberg) — Russian precious metals exports to China almost doubled in the first half of the year, as record gold prices boost revenue.<\/p>\n
Most Read from Bloomberg<\/p>\n
Chinese imports of Russian precious metal ores and concentrates, including gold and silver, jumped 80% to $1 billion from the same period a year earlier, according to data from Trade Data Monitor, which sources information from China\u2019s customs office. Bullion prices have climbed about 28% this year, boosted by heightened geopolitical risks and trade tensions, alongside buying by central banks and exchange-traded funds.<\/p>\n
Russia, the world\u2019s second-largest gold producer with annual output of more than 300 tons, has been shut out of Western trading hubs like London and New York since its full-scale invasion of Ukraine in 2022. The Bank of Russia, formerly the world\u2019s largest central bank gold buyer, has not resumed large-scale purchases, leaving China as one of the country\u2019s few remaining major markets.<\/p>\n
Gold miners in Russia have also been buoyed by growing domestic retail demand, which reached a record high in 2024 as Russians turned to precious metals to safeguard their savings.<\/p>\n
Russia\u2019s MMC Norilsk Nickel PJSC, one of the world\u2019s top producers of palladium and platinum, has ramped up exports to China this year. Prices for the two metals jumped 38% and 59%, respectively, this year.<\/p>\n
Most Read from Bloomberg Businessweek<\/p>\n
\u00a92025 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) — Russian precious metals exports to China almost doubled in the first half of the year, as…\n","protected":false},"author":2,"featured_media":282131,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7655],"tags":[3662,1395,30632,13954,332],"class_list":{"0":"post-282130","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-russia","8":"tag-bloomberg","9":"tag-china","10":"tag-gold-prices","11":"tag-precious-metals","12":"tag-russia"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114896146547546631","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/282130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=282130"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/282130\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/282131"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=282130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=282130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=282130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}