Gold Buying by Central Banks Remained Buoyant in April, Says WGC

SEATTLE (Scrap Monster): The most recent report published by the World Gold Council (WGC) indicates that gold buying by world central banks rebounded during the month of April this year.

According to latest data reported by the International Monetary Fund (IMF) and figures reported by publicly available sources, the global gold reserves witnessed a net surge by 33 tonnes in April 2024. The gross purchases dipped to 36 tonnes in April, as compared with 39 tonnes during the prior month. However, gross sales recorded notable decline month-on-month from 36 tonnes in March to just over 3 tonnes in April this year.

ALSO READ:

Some Central Banks Have Sold Gold at Record Prices

WGC: Higher Gold Prices Eased Margin Pressure on Producers

The largest gold buyer was the Central Bank of Turkey, which boosted its official gold reserves by 8 tonnes. The year-to-date purchases by the bank totalled 38 tonnes. This is the eleventh straight month of gold purchases recorded by the bank. The other major during the month were the National Bank of Kazakhstan and the Reserve Bank of India, which added 6 tonnes each to their holdings. Also, National Bank of Poland increased its gold reserves by 5 tonnes in April 2024.

The only sellers during the month were the Central Banks of Uzbekistan and Jordan, both reporting minor decline by 1 tonne in their gold holdings.