Gold Rush Returns as Central Banks, Japan, and Russia Move Billions In Gold

Key Takeaways

• Gold exports are rising globally as central bank gold reserves hit their highest level since 1993
• Japan’s gold exports surged to a record $25.5 billion despite limited domestic gold production
• Russia reportedly reduced part of its gold reserves this year as soaring gold prices created an opportunity to monetize holdings

Gold exports are rising sharply as central banks and governments move more money into the metal’s reserves. The shift is showing up across global trade flows, from Japan’s record gold exports to Russia selling part of its reserves, while countries continue increasing exposure to gold during a volatile macro environment.

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Why Governments and Investors Are Rapidly Moving Back Into Gold

Spot gold is down more than 2% this month and has slipped roughly 15% from recent peaks. This comes as easing tensions between the US and Iran reduced some safe-haven demand. Markets are also reacting to stronger US inflation data and concerns that interest rates could stay higher for longer. Despite this, the overall gold trade remains unusually active.

Japan and Russia Are Seeing Unusual Gold Flows

Japan’s gold exports jumped 35.6% year-over-year in FY2025 to nearly $25.5 billion. This is the highest level since records began in 1988. Data from Japan’s Finance Ministry showed export prices rising sharply alongside global gold prices. Meanwhile, imports also climbed more than 120%.

The scale of the flows has raised questions because Japan is not a major gold producer. Authorities reportedly suspect part of the increase could be tied to previously smuggled gold being re-exported through the country after entering without Japan’s 10% consumption tax.

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Russia has also been tapping its gold reserves more aggressively this year. The Bank of Russia reportedly reduced holdings by around 900,000 ounces in the first four months of 2026. It generated an estimated $4.3 billion as the country faces pressure from lower energy revenues.

At the same time, central bank gold demand continues rising globally. According to the World Gold Council, central banks now hold 26.6% of total reserves in gold, the highest share since 1993. Private investor allocations have also climbed to their highest levels in decades.

The contrast is interesting. Gold prices have softened in recent weeks. But governments and institutions are still treating the metal as an important reserve asset during a period marked by inflation concerns, geopolitical uncertainty, and shifting trade dynamics.

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