China Gold Shock: Beijing Smashes Records To Build A New 'De-Dollarised' Economy

China has broken all previous records for Russian gold imports, purchasing a staggering $961 million worth of bullion in November 2025 alone.

This marks the largest single month in the history of bilateral precious metals trade between the two nations, according to Chinese customs data.

The surge comes as Beijing accelerates efforts to reduce dependence on the US dollar while Moscow scrambles to fund its war economy through unprecedented gold sales.

With prices hovering near $4,400 per ounce, the intensifying China-Russia gold trade is reshaping global commodity markets and raising fresh concerns about economic stability.

Expanding Chinese-Russian Gold Trade

According to official statistics released by Chinese customs, November saw the most significant gold imports into the country, valued at $961M. This is the most significant one-month value in recent history, as the export in October was estimated at $930M.

This compares to nearly 800% of the Russian gold exports to China in a single year, compared to 2024, when they were about $223 M. The abrupt growth raises questions about the true scope of trade.

Such purchases of gold may amount to as much as 250 tonnes, as reported by some sources, including The Financial Times, and by Bloomberg estimates, which may be many times the official statistics of Chinese purchases.

Analysts say the reported numbers are lower than the actual ones due to underworld transactions or unrecorded transactions.

Reasons Behind The Surge

China aims to augment its financial reserves by buying vast quantities of gold, thereby reducing its vulnerability to fluctuations in the dollar's value. Simultaneously, Russia has begun selling its physical gold reserves to fund government expenditure, a shift in how its resources are managed in response to sanctions and economic pressure.

The Central Bank of Russia has already started selling physical gold, and this is not a typical practise in previous years. Such sales are reported to divert revenue to finance Russia's budget, especially at a time when the sanctioned country has to cope with dwindling oil revenues.

Meanwhile, Russian precious metals exports to China have doubled from the previous year, indicating that trade relations are tightening.

Implications In The Markets Worldwide

Since the beginning of 2025, gold inflows into the country have increased by approximately 55%. Analysts attribute it to increased central bank purchases, inflows into gold-backed exchange-traded funds, and geopolitical fears.

The growing tensions in Ukraine, Venezuela, and the South China Sea have cemented the view that gold is a haven.

Gold prices are at a record high of more than $4,381 an ounce, and silver is at an all-time high of nearly $70 an ounce.

By 2026, the price of gold could go as high as $4,900 per ounce, owing to the appropriateness of the metal as an economic hedge.

Geopolitical Procedures, Military activities?

Most of its military involvements, like the ongoing conflict in Ukraine, are also funded by Russia, which is selling more and more gold.

Some news sources claim that Russian gold exports are funding its military activities, yet its military spending is well above budgetary allocations. Since China has a large share of the financing of Russia's economic and military activities, there is a likelihood of a long-term conflict.

The international community is interested in the fact that gold is utilised as a geopolitical leverage instrument. The rising gold reserves and trade with Russia can affect global economic stability, especially when transactions are not sanctioned or conducted in accordance with official procedures in China.

This is also indicated by the fact that some of these trades are secret; the actual scale of the transfer of resources is therefore unknown, making it difficult to track and regulate the movement of strategic resources.