According to Bloomberg, the drop was particularly painful for both countries as they are the world's two largest bullion buyers.
Gold prices slumped to a five year low, pulled down by expectations of a US interest rate rise and a strong US dollar.
Chinese gold holdings have increased 60% since 2009, while Russia more than doubled its assets.
However, news that Chinese smelters were curbing sales has pushed copper prices up on the London metals exchange.
After falling to a bear market, the metal's price climbed 0.8% because domestic prices were deemed as unprofitable.
Used in power cables and air conditioners, China is uses about 40% of the world's copper supply.