Central banks around the world collectively, in November 2024, added 53 tonnes of gold to their reserves, of which the Reserve Bank of India’s addition was 8 tonnes, the World Gold Council (WGC) said in a report on Monday.
In 2024, central banks – mostly those from emerging markets – remained keen buyers of gold, driven by the need for a stable and secure asset amid global economic uncertainties.
“Assessing the final act of 2024, central banks around the world continued to play a leading role in the demand for gold. November represented another solid month of gold buying as central banks collectively added a net 53 tonnes to global official holdings,” WGC said in a report – Central bank gold statistics November 2024.
The gold price dip in November, following the US election, may have provided some central banks with added impetus to accumulate, WGC said.
WGC further noted that the Reserve Bank of India (RBI) continued with its 2024 buying streak, adding a further 8 tonnes to its gold reserves in November.
This lifted the year-to-date buying to 73 tonnes and total gold holdings to 876 tonnes, maintaining its position as the second largest buyer in 2024, after Poland.
According to WGC, the National Bank of Poland (NBP) was a major buyer in November increasing its gold reserves by 21 tonnes in November, taking its total year-to-date purchase to 90 tonnes and the total holding to 448 tonnes.
The Central Bank of Uzbekistan’s gold reserves rose by 9 tonnes during the month – the first monthly addition since July. The bank’s year-to-date net purchases amounted to 11 tonnes and total gold holdings amounted to 382 tonnes, said the report.
Meanwhile, the National Bank of Kazakhstan increased its gold reserves by 5 tonnes, the second successive month of buying as a result, the bank has flipped to being a net purchaser with a total gold holdings of 295 tonnes.
The People’s Bank of China (PBoC) had resumed gold purchases after a six-month hiatus, adding 5 tonnes of gold to its reserves, increasing its year-to-date net purchases to 34 tonnes and its total reported gold holdings to 2,264 tonnes (5 per cent of total reserves), the report said.
Data published by the Central Bank of Jordan showed its gold reserves rose by over 4 tonnes in November – the first monthly increase since July. The country’s year-to-date net purchases now total nearly 2 tonnes, lifting gold holdings to 73 tonnes, it added.
The Central Bank of Turkey increased its gold reserves by 3 tonnes during November 2024, and also entered into reverse swap agreements (gold for lira) with domestic commercial banks to manage liquidity.
Gold reserves held by the Czech National Bank rose by almost 2 tonnes in November – the 21st consecutive month of buying, it said, adding the Czech National Bank’s year-to-date net purchases now total almost 20 tonnes, lifting gold holdings to just above 50 tonnes.
The Bank of Ghana continued its gold accumulation as part of its domestic gold purchase programme, adding 1 tonne in November, taking its year-to-date net purchases to a total of 10 tonnes, lifting total gold holdings to 29 tonnes.
The bank also launched a Ghana Gold Coin to the public during the month as part of its efforts to stabilise the economy and promote investment in Ghana’s gold reserves, WGC stated.
Meanwhile, the Monetary Authority of Singapore was the month’s largest seller, reducing its gold reserves by 5 tonnes, bringing the year-to-date net sales to 7 tonnes and overall gold holdings to 223 tonnes, it added.
Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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