WGC: Central Banks Recorded Net Gold Buying in March

The Monetary Authority of Singapore was the only developed market bank to add to its reserves.

SEATTLE (Scrap Monster): The World Gold Council (WGC) announced publication of Central Bank Gold Statistics-March 2024.

The global central banks reported 16 tonnes of net gold buying during the month. The demand continued to remain healthy with gross purchases staying steady around 41 tonnes, upon comparison with the prior month. This was partially offset by gross sales of 25 tonnes, said data from IMF and other public sources.

The net gold purchases during the month stood significantly lower by 34% month-on-month. The net purchases averaged at around 31 tonnes during the past twelve months, noted Krishan Gopaul, Senior Analyst, EMEA, WGC.

The major buyers were all from emerging markets. The Central Bank of Turkiye was the largest gold buyer during the month, adding 14 tonnes to its reserves. In second and third place were the Reserve Bank of India and the People’s Bank of China, whose gold purchases totalled 5 tonnes each. The Monetary Authority of Singapore was the only developed market bank to add to its reserves.

The gold sellers included Uzbekistan, Thailand and Jordan. Uzbekistan offloaded 11 tonnes of gold from its reserves. The gold sales by Thailand and Jordan totalled 10 tonnes and 4 tonnes respectively in March this year.

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