By takumihamano 
The gold trade in Russia has been a topic of significant interest and concern, especially given the country’s economic and geopolitical landscape. Here are some key developments and insights into Russia’s gold trade:
- Gold Price Increase: As of April 11, 2025, the price of gold increased by AMD 849.00 to AMD 39519.00. This rise in gold prices reflects broader economic trends and market conditions that impact Russia’s gold trade.
- US Tariffs on Armenian Goods: The US imposed new tariffs on imports from 183 countries, including Armenia, with a 10% tariff on Armenian goods. This move could indirectly affect Russia’s gold trade, as global market conditions and reduced demand may influence gold prices and trade dynamics.
- Armenian Exports to the US: Armenia’s exports to the USA, including gold and diamonds, totaled around USD 40 million in 2023-2024. The 10% US tariff on Armenian goods is not expected to significantly harm Armenia’s economy due to the low export volume. However, the impact on the gold trade could be more pronounced if similar tariffs are applied to other countries involved in the gold market.
- Economic Activity in Armenia: Armenia’s economic activity grew by 4.1% in January-February 2025 compared to the same period in 2024. This growth, coupled with increased construction volume and domestic trade turnover, indicates a robust economic environment that could influence gold trade dynamics in the region.
- Armenia’s Budget and Public Debt: Armenia’s 2024 budget revenue was realized at 95.8%, with expenditures reaching 93.9%. The public debt at the end of 2024 amounted to AMD 5 trillion (approximately USD 12.8 billion), a 6.2% increase year-on-year. The tax-to-GDP ratio was 23.6%. These fiscal metrics provide a backdrop for understanding the economic conditions that affect gold trade.
In summary, the gold trade in Russia is influenced by various factors, including global market conditions, economic activity in neighboring countries, and fiscal policies. The recent increase in gold prices, coupled with the US tariffs on Armenian goods, highlights the interconnectedness of global trade and its impact on the gold market. As Armenia’s economy continues to grow and stabilize, its role in the regional gold trade may become more significant, further influencing Russia’s gold trade dynamics.