International reserves of Ukraine have grown by 1.1 billion dollars thanks to the revaluation of the value of the gold that is part of them over the past year and a half.
Currently, about 6.5% of reserves are denominated in bankable gold, the price of which is currently at a record high. In June 2025, the price of gold exceeded $3,400 per troy ounce (31.1 grams), although it was still below $2,700 at the end of 2024 and below $1,800 at the beginning of 2022.
Due to the price increase during 2024, the National Bank carried out a revaluation, which added 480.9 million dollars to the nominal value of the reserves. In 2025, the rise in gold prices accelerated, and in the first five months alone, the volume of reserves increased by another $597.6 million. In sum, in a year and a half, the increase in the value of gold brought more than a billion dollars to Ukrainian reserves. At the same time, the NBU has no intention of significantly increasing the share of gold in its assets.
“Given the high volatility of gold prices, the low (almost zero) interest that can be obtained from its placement, as well as the fact that the price of gold is currently close to its historical maximum, the NBU currently does not plan to significantly increase its investments in this asset.” – the National Bank explained.
At the beginning of 2024, when the price of gold was low, Ukrainians sold it more often than they bought it, and already at the beginning of 2025, with a sharp rise in prices, the volume of purchases of gold in banks exceeded the volume of sales.
