WGC: Central Bank Gold Reserves Spiked in October

The Central Bank of Turkey reported addition of 19 tonnes of gold to its reserves to lift its official gold reserves to 498 tonnes.

SEATTLE (Scrap Monster): The latest report published by the World Gold Council (WGC) suggests that central banks added to its official gold holdings during the month of October this year.

Krishan Gopaul, Senior Analyst, EMEA World Gold Council noted that net gold purchases by central banks totalled 42 tonnes in October, significantly lower by 41% from the net buying of 72 tonnes in the prior month. The purchases during the month stood higher by 23% from the monthly average purchases of 34 tonnes during the initial nine-month period of the year.

ALSO READ:

WGC: Technology Sector Gold Demand Dipped in Q3 2023

WGC: Gold ETF Outflows Dipped in October

The largest purchaser of gold during the month was the People’s Bank of China, which added 23 tonnes of gold to its reserves. The Chinese central bank reported twelfth straight month of gold purchases. The year-to-date gold purchases by the country totalled 204 tonnes, while the reported gold reserves of the country surged to hit 2,215 tonnes.

The Central Bank of Turkey reported addition of 19 tonnes of gold to its reserves to lift its official gold reserves to 498 tonnes. However, the bank remained a net seller year-to-date, due to heavy selling reported between March and May this year.

The other significant buyers were the National Bank of Poland (6 tonnes), the Reserve Bank of India (3t), the Czech National Bank (2t), the National Bank of the Kyrgyz Republic (1t) and the Qatar Central Bank (1t).

Meantime, the notable sellers were the Central Bank of Uzbekistan (11t) and the National Bank of Kazakhstan (2t).

• Panama President Sees No Environmental Threat from Copper at Closed First Quantum Mine
• Consumers Sue Exxon, Dow, Others over Plastic Recycling Claims
• VLS Environmental Solutions Announces Acquisition of Clearfield MMG in Virginia
• December 19, 2024: Scrap Gold and Platinum Prices Dipped, Silver Up on the Index