WGC: Central Bank Gold Demand Reported Two-Fold Surge in July

SEATTLE (Scrap Monster): The World Gold Council (WGC) released the Central Bank Gold Statistics for July this year.

According to the gold trade body, the monthly net purchases of gold by central banks around the world totaled 37 tonnes during the month. This is higher by 206% when compared with the previous month. Also, this is the highest total since January this year. The central bank's gold purchases totaled 45 tonnes in January 2024.

The central banks around the world have shown an ongoing commitment to accumulating gold in recent months, said Krishan Gopaul, Senior Analyst, EMEA World Gold Council. However, after the gold price surge to all-time highs, the total amount of stated demand has decreased.

The National Bank of Poland was the largest buyer, adding a net 9 tonnes to its reserves, thereby lifting its total gold holdings to 392 tonnes. The Central Bank of Uzbekistan bought 10 tonnes in the month, registering the second consecutive month of gold buying. Also, the Reserve Bank of India’s gold reserves rose by 5 tonnes in July. The other buyers include the Central Bank of Jordan (4 tonnes), the Central Bank of Turkey (4 tonnes), the Qatar Central Bank (2 tonnes) and the Czech National Bank (2 tonnes).

The only net seller during the month was the Central Bank of Kazakhstan, whose gold holdings fell by 4 tonnes.

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