WGC: Central Bank Gold Reserves Swelled in July

The largest buyer was the People’s Bank of China (PBoC), which added 23t during the month.

SEATTLE (Scrap Monster): The gold buying by world central banks remained hot during the month of July this year, said the latest report published by the World Gold Council (WGC).

The central banks across the world added 55 tonnes to global gold reserves during the month, said Krishan Gopaul, Senior Analyst, EMEA World Gold Council. This is the second straight month of net buying by the banks. However, the purchases reported month-on-month decline, owing to the late reporting of 30t purchase by the Central Bank of Libya during June. The continued central bank purchases suggest that long-term buying trend continues to remain intact.

The largest buyer was the People’s Bank of China (PBoC), which added 23t during the month. PBoC emerged as the largest buyer year-to-date, adding 126 tonnes. The second largest buyer was the National Bank of Poland (NBP), which lifted its gold reserves by 22t during July, thus making its total gold holdings to 299 tonnes. Another notable buyer was the Central Bank of Turkey which reported purchases of 17t of gold in July this year, said the WGC report.

Meantime, the Central Bank of Uzbekistan and the National Bank of Kazakhstan were the two sellers, offloading 11t and 4t of gold from their reserves respectively.

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