SEATTLE (Scrap Monster): The Gold Demand Trends Q2 2022 report published by the World Gold Council (WGC) indicates that central bank gold purchases continued its strength in Q2 this year.
According to WGC, central banks around the world purchased 180 tonnes of gold during the quarter, significantly lower by 14% when compared with the corresponding second quarter in 2021. However, the Q2 purchases were almost double that of the first quarter. The quarterly purchases were mainly driven by significant purchase from the Central Bank of Iraq as well as regular buyers.
The H1 net purchases totalled 270 tonnes. The biggest buyer during the first half of the year was Turkey, which added 63 tonnes to its gold reserves. The second largest purchaser was Egypt. The Central Bank of Iraq bought 34 tonnes of gold in June, thus registering its first significant purchase since September 2018. Meantime, India lifted its gold reserves by 15 tonnes over the half-yearly period.
Another notable purchaser during the first half of 2022 was Ireland, which added nearly 3 tonnes of gold to its reserves during Q1, although no purchases were reported in Q2. Ecuador too added 3 tonnes in H1 2022.
Meantime, the largest seller was Kazakhstan, with the country’s gold reserves dropping by 18 tonnes.