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Gold July 02, 2024 08:40:26 PM

WGC: Global Central Banks Boosted Gold Holdings in May 2024

Paul Ploumis
ScrapMonster Author
The key seller was the Central Bank of Kazakhstan, which offloaded 11 tonnes of the yellow metal.

WGC: Global Central Banks Boosted Gold Holdings in May 2024

SEATTLE (Scrap Monster): The World Gold Council (WGC) published Central Bank Gold Statistics- July 2024.

The net purchases by global central banks totalled around 10 tonnes during the month of May this year. As per data, demand for gold moderated during the month. The gross purchases totalled nearly 23 tonnes, which was partly offset by gross sales of around 12 tonnes, said the report.

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The largest purchaser of gold among world central banks was the National Bank of Poland, which added 10 tonnes of gold to its official reserves in May. In second position was the Turkish central bank with intake of 6 tonnes, followed by the Reserve Bank of India, which saw addition of 4 tonnes during the month. Also Czech Republic increased its gold holdings by 3 tonnes. The key seller was the Central Bank of Kazakhstan, which offloaded 11 tonnes of the yellow metal.

The year-to-date gold buying continued to remain strong in 2024, although gross purchases and sales trended lower when compared with the corresponding period a year before. The central banks in the emerging markets continued to remain as key drivers of gold purchases and sales. The only developed market bank to boost its gold reserves during the year-to-date period was the Monetary Authority of Singapore.

 

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