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Gold February 08, 2018 11:30:12 AM

Gold Reserves Held by World Central Banks Continued to Bolster in 2017

Paul Ploumis
ScrapMonster Author
The net gold purchases by world central banks totaled 371.4t in 2017, slightly lower by 5% when matched with the purchases of 389.8t in 2016.
Gold Reserves Held by World Central Banks Continued to Bolster in 2017

SEATTLE (Scrap Monster): The latest Gold Demand Trends Report published by the World Gold Council (WGC) suggests that gold holdings by world central banks continued to surge in 2017. However, the net purchases by the banks declined marginally during the year in comparison with 2016.

The net gold purchases by world central banks totaled 371.4t in 2017, slightly lower by 5% when matched with the purchases of 389.8t in 2016. During the last quarter of the year, the global gold reserves rose by 73.1t.

The Russian net gold purchases totaled 223.5t in 2017. The country has increased its gold reserves for the eleventh consecutive year now. Also, for third consecutive time, the yearly increase in gold purchase has surpassed 200t. The country’s total gold reserves now stand at 1,838.8t as on end-2017, accounting for almost 18% of the total reserves.

ALSO READ: Gold Purchases by World Central Banks Rose 25% in Q3 2017

Kazakhstan reported net purchases of 42.9t in 2017. The purchases by the country totaled 11.6t in the fourth quarter of the previous year alone. The Kazakhstan’s total gold reserves now stand at just over 300t, accounting for 40% of the country’s total reserves. Another country to report notable gold purchases during the year was Turkey. The Turkish central bank boosted purchases during the second half of 2017. The yearly net purchases increased by 86 to total over 200t at the end of the year. The other major gold purchasers during the year were Colombia (4.6t), Venezuela (4.4t), Indonesia (2.5t), Jordan (2.2t), Kyrgyz Republic (1.8t), Thailand (1.6t) and Mongolia (1.3t).

Meantime, Germany was the only major seller of gold reserves during the year. The country used approximately 4.3t of its gold reserves for minting coins. Most other countries reported no notable changes to their gold holdings.

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