Russian precious metal exports to China nearly double

Russian precious metal exports to China nearly doubled in the first six months of this year as record prices for the yellow metal boosted sales, Bloomberg reported, according to Agerpres.

According to data provided by Trade Data Monitor, which analyzed a series of information from the Chinese customs administration, Chinese imports of precious metal ores and concentrates (including gold and silver) from Russia increased by 80% in the first half, at an annual rate, to one billion dollars. Since the beginning of the year, gold prices have increased by about 28%, stimulated by the intensification of geopolitical risks and trade tensions, as well as by purchases by central banks and ETF funds.

Russia, the world's second-largest gold producer, with an annual output of more than 300 tonnes, was cut off from Western gold trading hubs such as London and New York after the invasion of Ukraine began. The Bank of Russia, once the world's largest central bank buyer of gold, has not resumed large-scale purchases, leaving China one of the few major markets Russia still has access to.

In addition, Russian gold producers have been boosted by rising domestic retail demand, which hit a record high in 2024 as Russians flocked to the precious metal to protect their savings.

Russian group MMC Norilsk Nickel PJSC, one of the world's largest producers of palladium and platinum, has increased its exports to China in 2025. This, given that the prices of the two metals have increased by 38% and 59%, respectively, this year.