WGC: Central Bank Gold Reserves Held Steady in March

Singapore added 17 tonnes, thus making its total reserves to 222 tonnes.

SEATTLE (Scrap Monster): Citing the International Monetary Fund (IMF) data, the World Gold Council (WGC) reported that global central bank gold reserves remained flat during the month of March this year. The gold purchases nearly offset sales, thus resulting in a net increase of 0.2 tonnes.

China added 18 tonnes to its reserves during the month, marking the fifth straight month of gold purchases. The Chinese gold holdings, which had crossed 2,000 tonnes in December 2022, have been steadily increasing thereafter. The total gold holdings by the Peoples Bank of China (PBoC), as on 31^st March, 2023, stands at around 2,068 tonnes, said Krishan Gopaul, Senior Analyst, EMEA World Gold Council.

Singapore added 17 tonnes, thus making its total reserves to 222 tonnes. The other central banks to boost their gold holdings were India and the Czech Republic, which reported increase in holdings by 4 tonnes and 2 tonnes respectively.

The above purchases helped to offset heavy gold sales by Turkiye, Uzbekistan and Kazakhstan during the month. Turkiye, which reported gold sales to domestic market, offloaded 15 tonnes of gold from its reserves. The frequent sellers Uzbekistan and Kazakhstan reported gold sales of 11 tonnes and 10 tonnes respectively. The Russian gold holdings too reported decline by 3 tonnes.

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