Central Bank Gold Reserves Surged in November

In line with the 2024 trend, the central banks from emerging markets continued to remain keen buyers of gold in November last year.

SEATTLE (Scrap Monster):  The World Gold Council (WGC) announced Central Bank Gold Statistics for the month of November 2024.

In accordance with the information that is currently accessible, central banks worldwide bought 53 tons of gold during the month. According to Krishan Gopaul, Senior Analyst-EMEA at the WGC, the strong gold buying statistics indicates that global central banks are still driving the market for gold.

In November of last year, emerging market central banks remained enthusiastic gold buyers, following the 2024 trend. According to the WGC study, the decline in gold prices after the US presidential election gave central banks even more motivation to hoard gold.

The National Bank of Poland (NBP), which increased its gold reserves by 21 tonnes in November to 448 tonnes, was the largest buyer of gold during the month. For the first time since July 2024, the Central Bank of Uzbekistan's gold reserves increased by 9 tonnes during the month. Additionally, the Reserve Bank of India increased its gold reserves by 8 tons.  The other countries to see notable addition to its gold holdings (in tonnes) include: Kazakhstan (5), China (5), Jordan (4), Turkey (3), The Czech Republic(2), and Ghana (1).

The Monetary Authority of Singapore, on the other hand, sold the most gold, cutting its reserves by five tons.

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