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Gold Struggles to Rally as Russia Central Bank Bullion Drops to 2019 Level

Gold in London traded around $4,130 an ounce after dipping to $4,107, still 1.3% below last Friday, while Russia's central bank is on pace for its heaviest annual gold sales since 2000, with 62 tonnes sold in 2026 so far. Russia's gold reserves have fallen to about 2,265 tonnes, back to 2019 levels. In Shanghai, the gold premium over London shrank to $3 an ounce, the lowest in a week and less than half the typical level, which signals weaker incentive for Chinese imports. Brent crude slipped below $109 a barrel for a third straight session, and France's 10-year OAT yield moved toward quarter-century highs above 5.00%.

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