based on materials from the website - By Cryptopolitan_News
Russia has one trading partner left that still issues large sums: China. And these sums have become much larger.
Russian exports of precious metals to China nearly doubled in the first half of 2025, reaching $1 billion. Gold led the growth, with prices rising rapidly. This figure is taken from Trade Data Monitor, which tracks China's customs declarations.
The volume of Russian gold, silver, and other ore supplies to China surged by 80% compared to the same period last year. This jump coincides with a sharp rise in the prices of bars, which have increased by about 28% since the beginning of the year.
This growth is supported by central banks accumulating reserves, trade disputes between the US and its partners, and investor investments in exchange-traded funds (ETFs) trying to protect themselves from market chaos.
Russia relies on China, having lost the ability to participate in Western gold trade
Since Russia's invasion of Ukraine in 2022, the Kremlin has lost access to the world's largest trading platforms, such as London and New York. This closed the door to Western demand, but the Chinese one remains open.
Since the Bank of Russia, once the largest buyer of gold among central banks, has not returned to the market in any significant volume, Russian mining companies are now betting on Asian demand.
Russia still produces over 300 tons of gold annually, ranking second in the world in gold production. These supplies need a market. For now, it is in China. And not only gold; Russia is also increasing supplies of palladium and platinum due to demand from China's manufacturing industry.
Norilsk Nickel, the largest producer of both metals in the country, has completely focused on the east. This strategy seems to be working. Palladium prices have risen by 38%, and platinum prices have increased by 59% since the beginning of the year. China is taking this into account, expanding imports despite the tough sanctions from the West.
In Russia, mining companies receive additional support from local producers. Against the backdrop of declining trust in the ruble, retail demand for gold in Russia reached record levels in 2024: people are buying coins, bars, and any physical metal they can afford. Precious metals have effectively become a savings account for Russian households trying to survive inflation and currency volatility.
Global drama and a weak dollar push gold to new highs
Gold prices have surged not only due to mining. They also respond to global politics. On Monday morning, spot gold rose to $3,369.02 an ounce, while gold futures in the US reached $3,376.40. This jump was fueled by a weakening US dollar, which fell by 0.2% against other major currencies. This decline made it easier for those who do not hold dollars to buy gold.
Tim Waterer, chief market analyst at KCM Trade, clearly explained the reasons for the rally: 'The dollar started the week sluggishly, opening the way for gold to grow early amid the impending imposition of tariffs.' He added:
The closer we get to the key deadline of August 1, with no new trade agreements in place, the higher the likelihood that gold will once again aim for the $3,400 mark, and possibly higher.
Tensions are rising as the deadline for tariffs imposed by US President Donald Trump is just days away. Trade Secretary Howard Lutnick still hopes to reach an agreement with the European Union, but so far without success.
There are rumors that Trump is also considering a visit to China ahead of the APEC summit, which will take place from October 30 to November 1. Another option is a meeting with Chinese President Xi Jinping at the APEC summit in South Korea.
In Europe, the European Central Bank is expected to keep interest rates at 2.0% after a series of recent cuts. In the US, Federal Reserve Chairman Christopher Waller stated last week that the Fed should continue to lower rates at its next meeting. Both of these steps make gold more attractive, especially amid falling yields on traditional bonds and rising uncertainty.
In Japan, the ruling coalition lost its majority in the upper house of parliament during Sunday’s vote, marking another political shock amid a stalemate in global trade negotiations. This instability only adds fuel to the fire in the metals market.
And this applies not only to gold. Other metals are following suit. Spot silver rose by 0.4% to $38.33 an ounce, platinum increased by 1.1% to $1,437.53, and palladium climbed by 1.3% to $1,256.98.
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