Global Central Bank Gold Reserves Surged in December

SEATTLE (Scrap Monster): The World Gold Council (WGC) announced publication of central gold statistics for the month of December 2023.

According to data available from the International Monetary Fund (IMF) and other publicly available sources, the global central bank gold reserves surged higher by a net 28 tonnes during the month. The gross sales stood higher at 12 tonnes. However, this was outweighed by robust gross purchases which totalled 41 tonnes.

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The banks which have been regular buyers of gold so far in 2023 dominated the purchases in the final month of the year as well.

All of the major gold buyers were from emerging markets. The biggest gold purchaser was the Central Bank of Turkiye, which added 18 tonnes of gold to its reserves. The other prominent buyers were the Central Bank of Uzbekistan and the People’s Bank of China, which recorded gold purchases of 9 tonnes each during the month. Qatar added 2 tonnes of gold to its central bank gold reserves. Meantime, Czech Republic and Mongolia bought 1 tonne each of gold in December 2023.

On the other hand, the Central Bank of Kazakhstan offloaded 10 tonnes of gold from its reserves.

The People’s Bank of China remained the largest gold purchaser in 2023, The Monetary Authority of Singapore was the sole developed market bank to add gold to its reserves, WGC noted.