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Ukraine has not bought gold for years: how many bars do we have in stock

Ukraine has 2 thousand bars of refined gold
Ukraine has 2 thousand bars of refined gold. Source: Freepik

Ukraine has not replenished its gold reserves on the global market for three years. This figure remains at 27.1 tons, but the National Bank reports an increase in the share of gold in the country's international reserves, which is due to the rising cost of the metal itself.

According to the Ministry of Finance, this was achieved through the purchase of gold scrap – the state buys gold and products made of this metal from pawnshops and melts them into ingots.

Since 2021, the physical volume of gold in the NBU's reserves has remained unchanged, with metal reserves amounting to 0.87 million troy ounces (27.1 tons). Of these, 25 tons are held in cash, and 2.1 tons are held in non-cash form.

In particular, Ukraine has about 2,000 refined gold bars that meet the international LGD (London Good Delivery) standard. Such bars weigh 400 troy ounces (12.5 kg) and cannot be bought in commercial banks.

In 2023, Ukraine ranked 58th among all countries in terms of gold reserves. We are very far from the top of the list:

  1. The United States has 8133 tons;
  2. Germany – 3355 tons;
  3. Italy – 2452 tons.

The NBU has named the processing of gold scrap as the main source of replenishment of monetary gold in international reserves. Unredeemed metal and products made of it are bought in pawnshops and melted down to 999.9.

However, the monetary share of gold in Ukraine's international reserves increased from $1.76 billion in February to $1.92 billion in March. This was due to the rise in the price of the metal on the global market. It is worth noting that since the beginning of 2024, the gold price has set several historical highs – currently, the price record is at $ 2,350 per ounce.

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