Russia’s gold reserves have declined by 1.4 million ounces, or 43.5 tonnes, since the start of the year, according to the latest data from the Central Bank of Russia (CBR). Russia’s sovereign gold reserves stood at 73.4 million troy ounces, or 2,282 tonnes, as of the start of July, the CBR announced on Monday. The central bank estimates Russia’s gold holdings are valued at $299 billion. “Most of the metal was likely sold to Russian banks via both the exchange and over-the-counter markets,” said Vladimir Chernov, analyst at Freedom Global. The decline in reserve assets was also reflected in the central bank’s broader ... (full story)