Gold doubled in value within BCRA's reserves
The international rise in gold prices sharply revalued the holdings of the Central Bank of Argentina (BCRA), even though the institution did not acquire new bullion. Between December 7, 2023, and August 7, 2026, the price of a troy ounce rose from USD 2,036 to a range near USD 4,300.
As a result, the book value of gold in reserves increased from USD 4.023 billion to USD 8.615 billion. As of the latest data collected, the troy ounce topped USD 4,600, adding roughly USD 565 million to the valuation of the official stock.
However, the metal's relative weight within gross reserves declined. Its share fell from 19% to 17.4%, before climbing back to 18.2%. The explanation lies in the growth of BCRA's total assets, which rose from USD 21.209 billion in December 2023 to USD 49.457 billion 32 months later, and surpassed USD 50.300 billion by the close of last week.
Gold continues its bullish trend, boosting the value of reserves in Argentina.
The build-up in reserves was mainly driven by foreign currency purchases and by the revaluation of Special Drawing Rights (SDRs) and Chinese yuan holdings. Between early 2026 and August 7, BCRA purchased USD 13.458 billion in the foreign exchange market, exceeding the USD 10.000 billion projected for the full year under the program agreed with the International Monetary Fund.
Gold nonetheless retains a significant share compared with other countries. It accounts for roughly 70% of reserves in the United States, 66% in Germany and 25% in Italy, while in Brazil, Mexico and South Korea it ranges between 4% and 6%. The global average stands at around 17%.
The revaluation also has an impact on mining activity. During the first half of 2026, gold accounted for 61% of Argentina's mining exports, affecting revenues from projects located in San Juan, Santa Cruz and Catamarca. Although the metal offers a hedge against external shocks, foreign currency and SDRs retain greater liquidity to meet short-term needs.
With information from Infobae — Economía.