Central Banks Added Gold to Global Reserves in August

SEATTLE (Scrap Monster): The central bank gold demand remained hot in August, said the latest report published by the World Gold Council (WGC). This is the third consecutive month that world central banks boosted their reserves.

As per data, the global official gold reserves witnessed an addition of 77 tonnes in August, significantly higher by 38% when matched with July purchases. The combined net gold buying totalled 219 tonnes over the past three months, surpassing the net sales of 96 tonnes during April-May this year, which was mainly driven by Turkish selling.

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China, Poland and Turkey remained gold buyers in August. The People’s Bank of China added 29 tonnes to its reserves during the month, making the year-to-date purchases at 155 tonnes. The National Bank of Poland bought 18 tonnes, whereas the Central Bank of Turkey added 15 tonnes to its reserves.

The other buyers were the Central Bank of Uzbekistan, the Reserve Bank of India, the Czech National Bank, Singapore, the National Bank of the Kyrgyz Republic and the Central Bank of Russia.

There were no notable sales during the month. However, the Central Bank of Bolivia has reportedly monetised approximately 17 tonnes of its gold reserves during the four-month period from May to August, according to Bloomberg.