According to financial statements released by the bank on Tuesday, the Venezuelan central bank's gold reserves fell seven tons last year to a new 50-year low.
The amount of gold bars in the vaults of the bank in Caracas has fallen to the equivalent of 79 tons, compared to the equivalent of 86 tons at the end of 2020.
Authorities did not provide details about the destination of the gold, which was used in the past to bolster national finances amid a protracted economic and social crisis.
The value of reserves as of December last year was $4.56 billion, down $493 million from the end of 2020, amid falling gold prices.
The average price of gold, according to the bank, was $1,799.48 per troy ounce in 2021, compared to $1,833.76 per troy ounce in 2020.
The bank held over 300 tons of gold equivalent for decades, but between 2015 and 2017, the government began using the precious metal as collateral for loans from international banks.
Falling oil production and US sanctions preventing the export of crude oil have forced the government of President Nicolás Maduro to use gold as a source of funding.
Last March, the opposition claimed that the government was sending gold to Mali on Russian-owned aircraft and that it was being resold mainly in the United Arab Emirates in exchange for euros and US dollars.