WGC: Central Banks Added Gold to Thier Global Official Reserves

SEATTLE (Scrap Monster): The World Gold Council (WGC) reported that global central banks added more gold to their official gold reserves during the month of November last year.

On a net basis, central banks around the world added 50 tonnes of gold to their reserves. The purchases during the month surged higher by 47% when compared with the month before. It must be noted that the gold purchases had totaled 34t in October, said the press release by WGC.

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The People’s Bank of China reported an increase of 32t in November, recording the first increase in gold reserves since September 2019. The Chinese central bank reserves stood at 1,980t as at end-November 2022. The Central Bank of Turkiye added 19t to its official reserves, lifting the year-to-date gold purchases to 123t. The Central Bank of the Kyrgyz Republic bought 3t in November, recording the first purchase of the year.  

Meantime, the largest gold sellers were the National Bank of Kazakhstan and the Central Bank of Uzbekistan, which reduced their gold reserves by around 4t and 2t respectively, noted WGC.

During the initial three quarters of 2022, the world central banks purchased 673t of gold. The full-year gold purchases are likely to hit a multi-decade high level in 2022.