Central Bank Gold Demand Hit a Hat-Trick in 2024

SEATTLE (Scrap Monster):  According to the World Gold Council's (WGC) most recent Gold Demand Trends report, demand for gold from global central banks hit a hat-trick, surpassing 1,000 tons for the third year in a row.

The preceding year marked a significant turning point in central banks' demand for gold. The net annual acquisitions reached 1,045 tonnes after 712 tonnes were added during the first three quarters of the year and an additional 333 tonnes were bought during Q4. For the fifteenth consecutive year, the central banks reported net purchases. Additionally, for the third consecutive year, the amount of gold purchased surpassed 1,000 tonnes.

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The National Bank of Poland (NBP), which increased its reserves by 90 tons of gold last year, was the biggest buyer of the metal. As a result, one fifth of the bank's entire reserves are now made up of gold.

20 tons of gold were added to the Czech National Bank's reserves, which is a little more than what was bought in 2023. Since the end of 2022, the bank's gold holdings have increased by more than three times.


Other noteworthy purchasers included the Central Bank of Hungary, the National Bank of Serbia, the National Bank of Georgia, and the Central Bank of Turkey, in addition to the Reserve Bank of India and the People's Bank of China. In the meantime, the Bank of Thailand and the Central Bank of the Philippines are prominent sellers.