WGC: Central Bank Net Gold Buying Dipped in Feb

SEATTLE (Scrap Monster): The gold buying momentum by global central banks showed no signs of weakness during the month of February this year. The banks reported eleventh straight month of net gold purchases. The reported global gold reserves rose by 52t during the month, comparatively less when matched with net purchases of 72t in January 2023.

The net purchases totalled 125t during the initial two-month period of the current year. This was the strongest start to a year, after 2010, when central banks had turned out to be net buyers on an annual basis.

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After almost a year, the Central Bank of Russia published its gold reserves for the first time in over a year. It reported gold holdings of 2,330t at the end of February, higher by 31t from January 2022. The country’s gold reserves accounted for 24% of its total international resources.

The People’s Bank of China reported fourth consecutive month of rise in gold reserves in February 2023. The gold reserves rose by 25t during the month. The Central Bank of Turkiye reported 15th consecutive month of gold purchases.

The Central Bank of Uzbekistan added 8t to its gold reserves, while the Monetary Authority of Singapore boosted its gold reserves by nearly 7t. The Reserve Bank of India (RBI) added 3t to its reserves.

The only sole notable seller was the National Bank of Kazakhstan, which saw its official gold reserves fall by 13t.