Russia's precious metals exports to China top $1 billion in first half of 2025

Russia’s precious metals exports to China nearly doubled in the first half of the year, as record-high gold prices boosted revenues for Russian suppliers, Bloomberg reports.

China’s imports of precious metals and concentrates from Russia, including gold and silver, surged 80% year-on-year to $1 billion, according to Trade Data Monitor. Prices for these assets have risen about 28% this year, driven by geopolitical and trade tensions, along with central bank gold buying.

Russia, the world’s second-largest producer of the yellow metal, halted trading on New York and London exchanges in 2022. Since then, the Central Bank of Russia hasn’t resumed bullion purchases. As a result, China has become the top importer of Russian gold, Bloomberg reports.

Russian gold miners also got a boost from surging domestic demand, which hit record highs in 2024 as locals bought more metal to safeguard their savings.