Russian investors have accumulated 15 tons of exchange-traded gold: a new trend or a defensive asset?
The precious metals market in Russia is undergoing a noticeable transformation. By the end of July 2026, private investors had accumulated more than 10.8 tonnes of gold in their accounts, purchased through exchange-traded instruments. This is an impressive figure, especially considering that the volume has grown by almost 2 tonnes since the beginning of the year. I estimate the total volume of Russians' investments in exchange-traded gold, including precious metals funds and direct purchases into brokerage accounts, at approximately 15 tonnes.
The structure of these investments is of particular interest. While the average private investor holds about 70 grams of metal, the average transaction size for a targeted purchase on the exchange is only 14 grams. This suggests that retail investors are still acting cautiously, preferring small but regular investments.
Why has gold become mainstream?
Over the past two years, gold has become one of the most profitable assets. Unlike volatile cryptocurrencies or stocks, it is less exposed to country risk, as its price is determined by global trends. Central banks have significantly increased their reserves over the past three to four years, which provides stable support for quotations on the global market. This is a fundamental driver that cannot be ignored.
At the same time, the gap with foreign practice remains enormous. In diversified portfolios of Western investors, the share of gold reaches up to 10%, while in Russia the metal accounts for only 1% of assets. It is obvious that the potential for the instrument's popularity to grow is huge, and the current dynamics confirm this.
Geography and structure of demand
Traditionally, the greatest trading activity is concentrated in Moscow, the Moscow region, and St. Petersburg. However, over the past year, the geography has been expanding: investors from the Kamchatka Territory have shown the most dynamic growth. This is a signal that exchange-traded gold is ceasing to be a product for the capital's elite and is penetrating remote regions.
On the Moscow Exchange, the number of participants who invested in precious metals funds has reached 1.6 million people. For comparison, money market funds were chosen by 2.9 million investors — they still remain a more widespread choice. The net assets of money market funds have grown by more than 2 trillion rubles over two years, and since the beginning of 2026, over 300 billion rubles have been directed into them. This instrument still dominates, but gold is steadily closing the gap.
My expert view: The current growth of interest in exchange-traded gold is not a short-term surge, but a structural shift in the behavior of retail investors. In conditions of global uncertainty, the metal is becoming not just a defensive asset, but a full-fledged element of diversification. If the share of gold in Russians' portfolios approaches even 3-5%, this could lead to an inflow of hundreds of billions of rubles into this segment, which would provide additional support to the market.