Russian retail investors continue to increase their positions in gold, bringing the total volume of exchange-traded investments in the precious metal to an impressive 15 tons. This dynamic confirms a steady trend of recent years: gold is becoming one of the key safe-haven assets in retail investors' portfolios.
Based on my estimates, derived from Moscow Exchange data, by the end of July 2026, retail investors held more than 10.8 tons of gold in their accounts, purchased directly through brokerage accounts. Since the start of the year, this figure has grown by nearly 2 tons — an impressive increase demonstrating a growing appetite for the metal. If investments through precious metals exchange-traded funds are also taken into account, the total figure reaches approximately 15 tons.
Investment structure and average ticket size
The average Russian investor today holds about 70 grams of gold in their portfolio. Interestingly, direct demand for the metal remains fairly fragmented: the average size of a single transaction in the first half of 2026 was just 14 grams. This suggests that retail players are still acting cautiously, preferring gradual accumulation of positions.
Against this backdrop, the gap with foreign practice looks particularly noticeable. In diversified portfolios in the West, the share of gold reaches 10%, while in Russia the metal accounts for only about 1% of assets. The growth potential is enormous, and the current dynamic only confirms that this potential is beginning to be realized.
Demand drivers and prospects
A key factor supporting interest in gold remains its high returns over the past two years. Unlike many other instruments, the metal is less exposed to country risk, as its price is determined by global trends. Central banks have also made a significant contribution to the price increase, having substantially expanded their gold reserves over the past three to four years, creating sustained support for prices on the global market.
The geography of demand is gradually expanding. While previously the main buyers were residents of Moscow, the Moscow region, and St. Petersburg, investors from increasingly remote regions are now showing activity. Over the past year, investors from Kamchatka demonstrated the strongest growth dynamic, confirming that exchange-traded gold is becoming a truly mass-market product.
The number of participants who have invested in precious metals funds on the Moscow Exchange has reached 1.6 million people. For comparison, money market funds were chosen by 2.9 million investors — that instrument remains more widespread, but gold is steadily closing the gap.
My view: The current dynamic is only the beginning of a large-scale shift of retail capital into safe-haven assets. Given the global trend toward de-dollarization and growing geopolitical risks, the growth potential of the exchange-traded gold market in Russia remains enormous. Investors should closely monitor this instrument, which could become one of the main beneficiaries of the restructuring of the financial system.