Russia added around 13.6 mt of gold to its reserves in January, Platts calculations based on data released by the central bank Tuesday showed, down 37% on December's addition of 21.6 mt.
The figure for January is the lowest monthly additions by the central bank since July, which added a total of 208 mt in 2015.
Gold prices jumped about 5% in January as safe-haven demand increased on market turmoil.
Russia's central bank reports gold reserves initially in monetary value, before releasing the volume on the IMF website at a later date. Using the month-end London Bullion Market Association gold price, additions can be calculated.
Russia is the world's largest central bank purchaser of gold, ahead of China in second place, as both countries look to diversify their reserve assets in recent years.
China recently reported purchases of 197.1 mt for 2015, having only started reporting additions in June. The two countries accounted for over 90% of total central bank purchases last year.
Gold has been on a bull run in 2016, up over 15% to 12-month highs above $1,250/oz last week, as markets worldwide struggled with bearish investor sentiment on global growth concerns and low interest rate expectations.
The return of risk appetite this week, however, has helped push gold back toward $1,200/oz.
"Rising stock markets, a firmer US dollar and higher bond yields are presumably helping to drive the price down," said Commerzbank in a note Tuesday.
"What is more, financial investors are doubtless continuing to take profits following the marked rise in prices of recent weeks. The gold price can be expected to remain under pressure for as long as market participants display increased risk appetite again."
The London Bullion Market Association Gold Price settled at $1,212/oz Tuesday morning, up $3.80 from Monday's close.
