WGC: Central Bank Gold Reserves Surged in October

SEATTLE (Scrap Monster): The latest report published by the World Gold Council (WGC) indicates that central banks around the world added to their gold reserves during the month of October this year.

According to Krishan Gopaul, Senior Analyst, EMEA World Gold Council, the central banks reported net addition of 31 tonnes of gold to its reserves during the month. This has lifted the global central bank gold holdings to its highest level since mid-1970s. Although a few central banks accounted for bulk of the purchases, none reported meaningful dip in their reserves, Gopaul noted.

The largest buyer during the month was the UAE, which added more than 9 tonnes to its gold reserves. The purchases during the month have lifted the country’s total reserves to almost 74 tonnes.

The Central Bank of Turkiye emerged as the largest gold purchaser year-to-date, adding a total of 103 tonnes. The purchases during October totalled 9 tonnes. The central banks of Uzbekistan and Kazakhstan purchased 9 tonnes and 3 tonnes of gold to their reserves respectively during the month. Also, the Central Bank of Qatar added 1 tonne to its official gold reserves, WGC noted.

The global central banks remain on track to register another strong year of net gold buying in 2022.

YOU MAY ALSO BE INTERESTED IN:

WGC Spotlights Contributions by its Members to Local Economies

WGC Posted Net Outflow from Gold-Backed ETFs in October