Russia’s Precious Metals Exports to China Surge Amid Gold Rally

Russia's exports of precious metals to China nearly doubled in the first half of 2025, reaching $1 billion, with Gold leading the charge as prices soar. Shipments of gold, silver, and other ores surged 80% year-over-year, according to Trade Data Monitor. The rally, fueled by central bank demand and geopolitical tensions, has seen bullion prices climb 28% this year.

Cut off from Western markets since its 2022 invasion of Ukraine, Russia has pivoted to China as its primary buyer. The Bank of Russia, once a major gold purchaser, remains sidelined, forcing miners to rely on Asian demand. Russia, the world's second-largest gold producer, continues to mine over 300 tons annually, with China absorbing the bulk of supply alongside palladium and platinum for manufacturing.