The precious metals market in Russia is undergoing a notable transformation. Based on my estimates, drawn from analysis of Moscow Exchange data, by the end of July 2026, retail investors had accumulated over 10.8 tonnes of gold in their portfolios. Notably, this volume has grown by nearly 2 tonnes since the start of the year — an impressive dynamic reflecting a shift in investment priorities.
When considering the total volume of investments, including exchange-traded funds on precious metals and direct purchases through brokerage accounts, the figure looks even more substantial — around 15 tonnes. On average, each retail investor now holds about 70 grams of the metal. This indicates that gold is gradually ceasing to be a niche instrument and is entering mainstream practice.
Returns and Global Context
Over the past two years, gold has demonstrated one of the best returns among all asset classes. The key factor is its resilience to country-specific risks, as the price is shaped primarily by global trends rather than local conditions. Over the last three to four years, central banks worldwide have significantly increased their gold reserves, providing strong support for quotations on the global market.
However, it is still premature to speak of a full-fledged boom in direct purchases. The average transaction size at the end of the first half of 2026 was just 14 grams — this is more of a cautious testing of the instrument than aggressive accumulation. For comparison, Russians purchase about 20 tonnes annually in physical bullion, which confirms that the exchange-traded format still lags behind the traditional one.
Portfolio Structure and Regional Dynamics
Despite the growth, the share of gold in the public's portfolio remains modest — just 1%, whereas abroad, in diversified portfolios, this figure reaches up to 10%. There is also an obvious gap in the popularity of instruments: money market funds, chosen by 2.9 million investors, still dominate, while only 1.6 million people have invested in precious metals funds. Meanwhile, money market assets have grown by more than 2 trillion rubles over two years, and over 300 billion rubles have been directed into them since the start of 2026.
The geography of interest is expanding. Traditional leaders — Moscow, the Moscow region, and St. Petersburg — retain their lead in trading volumes, but investors from the Kamchatka Territory have shown the most active growth dynamics over the past year. This confirms that the product is moving beyond capital agglomerations and reaching remote regions.
My analysis: The current trend is only the beginning of the journey. Given that retail investments in securities on the Moscow Exchange's stock market reached 142.9 billion rubles in July, and stock purchases grew 1.9 times year-on-year, gold has every chance to occupy a more significant share of portfolios. However, this will require further infrastructure development and improved financial literacy — otherwise, the gap with Western practices will persist.