China sets record with massive Russian Gold purchases

By Alpaslan Düven-London

Beijing— China has significantly increased its gold imports from Russia, setting a new bilateral trade record, according to reports citing Chinese customs data.

In November alone, China imported $961 million worth of Russian gold, the largest single-month transaction between the two countries on record. This brings the total Chinese gold imports from Russia in the first eleven months of 2025 to approximately $1.9 billion, nearly nine times higher than the same period in 2024.

Analysts say the surge reflects China’s strategy of stockpiling physical gold while strengthening financial ties with Russia amid rising geopolitical tensions. Sanctions on Russia, fragmentation of international currencies, and declining trust in Western reserve assets have reportedly driven both nations to expand their gold trade.

“This is not just a commodity purchase; it is a strategic move to secure alternative reserves and deepen economic alignment between Beijing and Moscow,” said a regional financial analyst.

China’s gold accumulation comes as many global powers grapple with instability in traditional reserve assets, making physical gold an increasingly attractive hedge against economic uncertainty.

The record-setting trade is expected to further solidify Russia’s role as a key gold supplier and China’s position as a major player in global bullion markets.

Key figures:

• November 2025 Russian gold imports: $961 million

• Total January–November 2025: $1.9 billion

• Growth compared to Jan–Nov 2024: nearly 9×