The Russian precious metals market is undergoing a significant transformation. Based on my estimates, drawn from Moscow Exchange data, by the end of July 2026, private investors had built up an impressive portfolio of exchange-traded gold, with volumes reaching approximately 15 tonnes. This figure includes both direct purchases of the metal into brokerage accounts and investments through specialized exchange-traded funds (BPIFs).
Key figures and market dynamics
Directly held in exchange accounts of individuals by early August stood at over 10.8 tonnes of gold. Notably, since the start of 2026 alone, this indicator has grown by nearly 2 tonnes, demonstrating a steady inflow of capital into safe-haven assets. The average portfolio size of a retail investor holding gold is estimated at roughly 70 grams of the metal.
The structure of demand is of particular interest. While the average one-off transaction for direct gold purchases amounts to about 14 grams, the total volume of investments in bullion purchased by individuals outside the exchange reaches 20 tonnes annually. This suggests that the exchange-traded instrument is gradually becoming a full-fledged alternative to traditional physical gold.
Growth drivers and comparison with foreign markets
Over the past two years, gold has become one of the best-performing assets, largely driven by the actions of global central banks. Over the last three to four years, they have significantly increased their reserves, creating steady fundamental demand and supporting prices at the global level. It is important to note that the price of this metal is less susceptible to country-specific risks, as it is determined primarily by international trends.
Nevertheless, the gap with foreign practice remains enormous. In diversified portfolios of foreign investors, the share of gold reaches up to 10%, whereas among Russian retail players this figure barely reaches 1%. Against this backdrop, money market funds look significantly more attractive to the mass investor: their net asset value has grown by more than 2 trillion rubles over two years, and the number of investors has reached 2.9 million people. For comparison, only 1.6 million people have invested in precious metals funds on the Moscow Exchange.
Geography and prospects
Traditionally, the greatest trading activity is concentrated in Moscow, the Moscow region, and St. Petersburg. However, the geography is expanding: over the past year, investors from Kamchatka have shown explosive growth in interest, confirming the penetration of the instrument into the most remote regions of the country.
My expert view: The growth in investments in exchange-traded gold is only the beginning of a long-term trend. Given the current macroeconomic uncertainty and the continued appetite of central banks for the metal, the potential for further increasing the share of gold in the portfolios of Russian investors is enormous. However, for a massive shift of funds from the money market, what is needed is not only the stabilization of yields but also an improvement in the financial literacy of the population regarding the advantages of this safe-haven asset.