Russian retail investors had accumulated more than 10.8 tonnes of gold in their portfolios by the end of July 2026, purchased through exchange mechanisms. Since the beginning of the year, this figure has grown by almost 2 tonnes, indicating a structural shift in the preferences of retail market participants. At the same time, I estimate the total volume of investments in exchange-traded precious metals, including mutual funds and direct purchases through brokerage accounts, at approximately 15 tonnes.
Interestingly, the average retail investor today holds about 70 grams of gold. This is a fairly modest amount, but the dynamics are impressive. The metal has firmly established itself among the assets with the highest returns over the past two years. Its key advantage is its low correlation with country-specific risks, since pricing is determined by global trends rather than local conditions.
Investment volumes and gold returns
Central banks have made a significant contribution to the appreciation of the metal, having substantially increased their reserves over the past three to four years. This creates a solid foundation for maintaining high prices on the global market. However, direct purchases by retail investors are still limited: the average transaction size in the first half of 2026 was only 14 grams.
Notably, Russians purchase about 20 tonnes of gold annually in physical bullion, significantly exceeding exchange volumes. Nevertheless, the growth potential specifically in organized trading remains enormous. Precious metals should be developed more actively on the exchange platform — they noticeably diversify a portfolio and enhance its return potential.
Portfolio structure and regional coverage
The gap with foreign practice is still significant: in diversified portfolios of foreign investors, the share of gold reaches 10%, while for Russians the metal accounts for only 1%. Money market funds, by contrast, account for 14% of retail investor assets. The number of participants who have invested in exchange-traded precious metal funds on the Moscow Exchange has reached 1.6 million people — impressive growth, but the money market with its 2.9 million investors still remains a more widespread choice.
The geography of demand is expanding: the main trading volumes still come from Moscow, the Moscow region, and St. Petersburg, but investors from Kamchatka have demonstrated the most active growth dynamics over the past year. Overall, in July, retail investors directed 142.9 billion rubles to the Moscow Exchange stock market, and investments in equities increased 1.9 times year-on-year.
My view: we are witnessing only the beginning of the gold boom. As the key rate declines and inflation expectations rise, the share of precious metals in Russians' portfolios will approach global standards. 15 tonnes is an impressive figure, but the potential for multiple growth remains.