WGC: World Central Banks Continued to be Net Gold Purchasers

The central banks of Uzbekistan and Kazakhstan added 8.7 tonnes and 5.3 tonnes of gold respectively to their gold reserves.

SEATTLE (Scrap Monster): The latest report published by the World Gold Council (WGC) suggests that central banks continued to be net purchasers of gold in the month of April this year. The global central banks added 19.4 tonnes of gold during the month.

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The central banks of Uzbekistan and Kazakhstan added 8.7 tonnes and 5.3 tonnes of gold respectively to their gold reserves. This is the first month of net purchases by these central banks in 2022, following three consecutive months of net sales. Turkey added 5.6 tonnes in April, taking its total gold reserves to 436.7 tonnes, representing approximately 28% of its total reserves. Also, India added 0.9 tonnes of gold to its holdings, thus making the total holdings to 761.3 tonnes. The combined purchases by the above four central banks amounted to 20.5 tonnes in April 2022.

Meantime, there were only a small number of central banks who were net sellers during the month. The notable seller was Germany which recorded outflows of 0.9 tonnes. The other sellers were Mexico and Czech Republic, with net sales of 0.1 tonnes each.

During the initial four-month period of the year, central banks remained net purchasers on the whole. The largest buyer was Egypt, followed by Turkey. On the other hand, the largest sellers so far this year were Kazakhstan and Uzbekistan.

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