Global Central Bank Gold Reserves Soared in September
The emerging markets continued to remain as principal gold buyers.
SEATTLE (Scrap Monster): The global central bank gold reserves, as reported by the International Monetary Fund (IMF) and publicly available sources, recorded surge by 77 tonnes during the month of September this year.
According to Krishan Gopaul, Senior Analyst, EMEA World Gold Council (WGC), the year-to-date gold purchase data suggests that the central bank gold buying averaged at 35 tonnes per month. The gross purchases totalled 78 tonnes, whereas gross sales stood at 1 tonne, highlighting strong buying activity during the month.
The emerging markets continued to remain as principal gold buyers. The largest buyer was the People’s Bank of China, which added 26 tonnes of gold to its reserves. It remained the largest gold purchaser in the year-to-date period in 2023. The National Bank of Poland and the Central Bank of Uzbekistan were the other key gold buyers during the month, whose purchases stood at 19 tonnes and 9 tonnes respectively.
The other notable buyers included Turkey (8 tonnes), India (7 tonnes) and the Republic of Kyrgyzstan (3 tonnes). The only major seller of gold was the Central Bank of Kazakhstan, which offloaded 1 tonnes of gold from its reserves.
The sole developed market bank to report addition of gold to its reserves was the Monetary Authority of Singapore.
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