Mumbai: The Reserve Bank of India (RBI) led global central banks in purchasing gold during the month of October , according to data from the World Gold Council. The central bank bought 27 tonnes of gold in October out of a total of 77 tonnes purchased by central banks across the world. RBI’s gold purchase was up 5X year-on-year, according to WGC reported citing IMF monthly data. With this purchase, RBI’s gold reserves stood at 882 tonnes. The central bank currently holds 510 tonnes of its gold in India, according to WGC.
Central banks which bought most gold
The central banks of India, Turkey and Poland led gold buying in January-October 2024. While the Central Bank of the Republic of Turkey purchased 72 tonnes of gold, the National Bank of Poland bought 69 tonnes of gold, according to WGC. The 3 central banks together bought 60 per cent of total global net purchases of the yellow metal.
Central banks reported 60t of net purchases this month – the highest amount recorded y-t-d. Find out which countries were buying in the latest blog from Senior Research Lead, Marissa Salim here: https://t.co/yW8pKrOhvG pic.twitter.com/iemhz7zRAW
— World Gold Council (@GOLDCOUNCIL) December 4, 2024
Among other central banks, the National Bank of Kazakhstan pruchased 5 mt gold, the Czech National Bank (CNB) added 2 mt of gold, and
Kyrgyzstan added 2 mt of the precious metal to its reserves in October. The Bank of Ghana added a tonne of gold to its kitty in October according to WGC data.
Why are central banks buying more gold
According to Marissa Salim, senior researcher for APAC at the World Gold Council, central bank gold demand has remained robust this year. Overall gold buying touched 694 mt by the end of the third quarter in 2024, she said. These levels were last seen in 2022, she added. Gold continues to remain a strategic assets in the central banks’ risk management portfolio, she said. Thre rebound in gold purchases in October shows came despite the recent rise in gold prices which also resulted in strategic selling in the months leading up to October, added Salim.
The Reserve Bank of India purchased 27 mt of gold in October with the overall buying of the yellow metal climbing to 60 mt during this period, according tot data released by the World Gold Council. RBI’s total gold purchases so far this year rose to 77 mt, according to WGC. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
