Central Bank Gold Purchases Hit All-Time Quarterly Record

SEATTLE (Scrap Monster): The Gold Demand Trends Q3 2022 Report published by the World Gold Council (WGC) indicates that gold purchases by central banks across the world hit all-time high during third quarter this year.

The global central bank gold buying surged to nearly 400t in Q3 2022, recording eight straight month of net gold purchases. This is the highest quarterly purchases in history and almost double from the previous record of 241t in Q3 2018. The year-to-date gold purchases totalled 673t, which is higher than any full-year total since 1967.

ALSO READ:

WGC Demand Trends Report Hints at Firmer Q3 Gold Demand

WGC Dismissed Chances of Festive Season Gold Demand Surge

Turkey added 31t in Q3 this year, thus lifting its total gold reserves to 489t. The year-to-date gold purchases by Turkey totalled 95t. The Central Bank of Uzbekistan added on to its gold reserves, registering purchases of 26t during the quarter. Yet another significant gold buyer was the Qatar Central Bank.

The Reserve Bank of India (RBI) added 13t in July and 4t in September. The other notable buyers were Mozambique and the Philippines, which added 2t each to their gold holdings. On the contrary, Kazakhstan emerged as the largest gold seller during the quarter, offloading 2t from its gold reserves. The year-to-date gold sales by the bank totalled 21t. The total gold holdings of the country now stand at 381t, which represents nearly 63% of the total reserves.