Central Bank Gold Reserves Dipped in March

SEATTLE (Scrap Monster): According to latest report published by the World Gold Council (WGC), the global central bank gold reserves declined by 4 tonnes during the month of March this year. This follows purchase of approximately 32 tonnes during the month before that.

According to Mukesh Kumar, Senior Analyst, India World Gold Council, the largest seller was Kazakhstan, which reduced its total gold holdings by a further 12 tonnes. It must be noted that the country’s bank had offloaded 5 tonnes of gold in February as well. Kazakhstan’s gold reserves now total 368 tonnes, accounting for 69% of its total reserves, he said.

The other seller during March this year was Uzbekistan, which sold a modest 1 tonne of gold to take its total gold reserves to 338 tonnes.

The net gold purchases were dominated by Turkey, which added 5 tonnes to its gold reserves during the month. The year-to-date purchases by the country now total 37 tonnes. Turkish central banks hold 431 tonnes of gold, representing 28% of total reserves.

Also, India added another 2 tonnes of gold to take its total holdings to 760 tonnes. Ireland added 0.8 tonnes in March, taking its gold reserves to 12 tonnes. The country has added to its gold reserves in all the past seven months.

YOU MAY ALSO BE INTERESTED IN:

WGC: Gold is a Risk Diversifier and Inflation Hedge

World Gold Council Heralds Gold's Critical Role in Socio-Economic Development