Exchange-traded gold in Russia: private investors have accumulated about 15 tons of the precious metal
The Russian precious metals market is undergoing a notable transformation. Based on my estimates, drawn from analysis of Moscow Exchange data, by the end of July 2026, private investors had accumulated over 10.8 tonnes of gold in their portfolios. Notably, this volume has increased by nearly 2 tonnes since the start of the year—an impressive figure reflecting growing interest in safe-haven assets.
However, if we account not only for direct purchases into brokerage accounts but also for investments through exchange-traded funds on precious metals, the total figure reaches approximately 15 tonnes. This is a serious signal: Russians are gradually reconsidering their investment strategies, although we are still far from global standards.
Returns and structure of investments
Gold has become one of the most profitable instruments on the market over the past two years. Its key advantage is minimal exposure to country risk, since pricing is driven by global trends rather than local conditions. Central banks worldwide have significantly increased their gold reserves over the last three to four years, providing sustained support for quotations.
Nevertheless, direct purchases remain modest for now. The average transaction size for the first half of 2026 was just 14 grams, and the average portfolio of a private investor contains about 70 grams of the metal. For comparison, individuals purchase around 20 tonnes annually in bullion—the exchange segment is clearly undervalued.
The gap with foreign practice remains enormous: in diversified portfolios of international investors, the share of gold reaches up to 10%, whereas among Russians this figure barely hits 1%. Clearly, the growth potential here is huge.
Geography and scale
The bulk of gold trading volume is concentrated in Moscow, the Moscow region, and St. Petersburg—capital regions traditionally lead in private investor activity. However, the geography is expanding: investors from Kamchatka Krai demonstrated the most impressive dynamics over the past year, indicating the instrument's penetration into remote regions of the country.
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—this segment remains more widespread for now. However, the net assets of the latter have grown by more than 2 trillion rubles over two years, and since the start of 2026, over 300 billion rubles have been directed into them.
The growing interest in gold fits into the broader picture of capital inflows into the stock market: in July, private investors put 142.9 billion rubles into securities, and investments in equities rose 1.9 times year-on-year.
My view: Current dynamics confirm that gold is becoming a full-fledged instrument for the Russian retail investor, rather than an exotic option. But achieving Western standards of diversification will require not only time but also further infrastructure development, as well as improved financial literacy. For now, we are merely witnessing the beginning of this journey.