The precious metals market in Russia is experiencing a notable upswing: by the end of July 2026, private investors had accumulated over 10.8 tonnes of gold in their portfolios on the Moscow Exchange. Since the start of the year, this volume has increased by nearly 2 tonnes, indicating growing interest in safe-haven assets.
However, this is only part of the overall picture. Taking into account funds in precious metals ETFs and direct purchases through brokerage accounts, I estimate Russians' total investments in exchange-traded gold at around 15 tonnes. Meanwhile, the average private investor currently holds about 70 grams of the metal.
Why gold has gone mainstream
Gold is firmly among the assets with the highest returns over the past two years. This comes as no surprise: the instrument is less exposed to country risk, as its price is shaped by global trends rather than local conditions. Central banks have made a significant contribution to the metal's appreciation—over the past three to four years, they have substantially increased their reserves, providing steady support for quotations on the global market.
Notably, the average purchase size when deliberately buying gold on the exchange is just 14 grams per transaction. This suggests that not only large players but also retail investors are eyeing the metal, testing the instrument with small amounts.
Portfolio structure and regional dynamics
Despite the impressive growth, gold's share in Russians' retail portfolios remains modest—just 1%, whereas abroad, diversified portfolios see this figure reach 10%. The potential for further growth is obvious.
Interest in the metal is expanding geographically. Moscow, the Moscow region, and St. Petersburg traditionally lead, but investors from Kamchatka have shown the most active dynamics over the past year. The product's geographic reach now covers increasingly remote regions of the country, signaling market maturity.
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 have attracted 2.9 million investors—this segment remains more mainstream for now, but the gap is narrowing.
My analysis: The growing interest in exchange-traded gold is not a temporary trend but a structural shift in retail investor behavior. Amid global uncertainty, the metal is becoming not just insurance but a full-fledged diversification tool. If current dynamics persist, we could see gold's share in Russians' portfolios reach 3–5% in the coming years, which would multiply trading volumes on the exchange.