While most Western nations keep Russia in sanctions-induced isolation, China has become Moscow's key economic lifeline. In the first half of 2025, the value of Russian precious metal exports to China nearly doubled to $1 billion, driven primarily by a surge in gold prices.


An 80% year-over-year increase, according to Trade Data Monitor, reveals that Russian shipments of gold, silver, and other ores to China are climbing in step with rising metal prices. Gold alone has soared 28% since the start of the year as investors seek a safe haven amid global uncertainty.

China Welcomes What the West Rejects

Following the 2022 invasion of Ukraine, Russia was cut off from major global markets like London and New York. But China remained open — and today it's the gateway for Russian miners. Russia still produces over 300 tons of gold annually, making it the second-largest gold producer in the world.

In addition to gold, palladium and platinum are also flowing into China, driven by demand in its manufacturing sector. Norilsk Nickel, Russia’s top producer of these metals, has shifted entirely to eastern markets — and the strategy is paying off: palladium is up 38% this year, platinum an impressive 59%.

Gold as a Safe Haven for Russian Households

As trust in the ruble continues to decline, Russian consumers are turning to gold. 2024 saw record-high retail demand for coins, bars, and other forms of physical metal. For many households, gold has become an alternative savings account in an era of inflation and currency volatility.

Weak Dollar and Global Chaos Push Gold Higher

On Monday, spot gold prices climbed to $3,369.02 per ounce, while U.S. futures hit $3,376.40. A key factor: a 0.2% decline in the U.S. dollar, making gold more accessible to non-dollar buyers.

“The dollar started the week on a soft note, opening the door for gold,” said analyst Tim Waterer. “As we get closer to the key August 1 tariff deadline with no new deals, gold is likely to break above $3,400 — and possibly beyond.”

Global Uncertainty Intensifies

🔹 Trump’s tariff deadline is approaching fast.

🔹 Fed Governor Waller hints at possible rate cuts.

🔹 ECB is expected to keep rates steady at 2%.

🔹 Japan's ruling coalition lost its upper house majority.

This cocktail of uncertainty is creating the perfect storm for a metals rally. Investors are fleeing to safety — into gold, silver, and platinum — as political tensions rise and traditional returns fade.

#russia , #commodities , #Geopolitics , #MarketVolatility , #china

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