World Central Banks Ramped Up Gold Buying in October

The Reserve Bank of India (RBI) emerged as the largest gold buyer.

SEATTLE (Scrap Monster): The World Gold Council (WGC) has announced the publishing of the Central Bank Gold Statistics Report for October 2024.

According to the report, central bank gold purchases ramped up during the month. The world central banks recorded 60 tonnes of net gold purchases in October 2024, which is the highest tonnage recorded so far this year. The year-to-date gold buying remained robust, reaching 694 tonnes by the end of third quarter this year.

The Reserve Bank of India (RBI) has emerged as the largest gold purchaser. India gained 27 tons to its gold reserves in October of this year. The RBI's year-to-date purchases increased fivefold to 77 tons in 2024. The emerging market central banks continued to dominate, with the Central Bank of the Republic of Turkey and the National Bank of Poland acquiring 17 and 8 tonnes, respectively.

The National Bank of Kazakhstan added 5 tons to its gold reserves. This was the first month of gold purchases after five straight months of net selling. However, the country remained a net seller in the year to date period. The Czech National Bank and Kyrgyzstan both added 2 tons to their gold holdings. The Bank of Ghana added one tonne during the month. The country's gold reserves have steadily increased since May of last year, according to the WGC report.

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