WGC: Central Bank Gold Demand Touched Fresh Peak in Q1 2024

SEATTLE (Scrap Monster): The central bank gold demand surged to hit the highest level on record, says the latest Gold Demand Trends Report published by the World Gold Council (WGC).

As per report, the central bank net demand totalled 290 tonnes during the initial quarter of 2024. A total of ten central banks across the globe increased their gold reserves by more than a tonne during Q1.

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The People’s Bank of China reported addition of 27 tonnes to its old reserves during the quarter. This is the 17^th straight month of gold purchases by the bank. With this, the reported gold holdings of the bank has risen to 2,262 tonnes. The share of gold in total reserves increased to 4.6%, compared with 3.2% share held in October 2022.

The Reserve Bank of India grew its gold reserves by 19 tonnes during the first quarter. The National Bank of Kazakhstan and the Monetary Authority of Singapore added 16 tonnes and 2 tonnes respectively. The other notable gold buyers were the Central Bank of Oman and the National Bank of the Kyrgyz Republic, which reported additions by 4 tonnes and 2 tonnes respectively. The Czech National Bank, the National Bank of Poland and the Central Bank of Turkey too accumulated gold during the quarter.

The Central Bank of Uzbekistan and the Bank of Thailand emerged as the largest sellers, offloading 14 tonnes and 10 tonnes respectively from their holdings.