WGC: Central Bank Gold Reserves Bolstered in May

SEATTLE (Scrap Monster): The World Gold Council (WGC) released a new report that outlines the latest update to gold holdings by world’s central banks. The central banks added 35 tonnes of gold to their reserves during the month of May this year. This is the second consecutive month of net buying by the banks.

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The gold purchases were primarily concentrated among four banks. Turkey added 13 tonnes to its holdings, while Uzbekistan and Kazakhstan added 9 tonnes and 6 tonnes respectively. In fourth place was India which bought 4 tonnes of the yellow metal. It must be noted that these four banks dominated gold purchases during the prior month as well. Meantime, the only notable seller during May this year was Germany, which reduced its gold holdings by nearly 2 tonnes.

Turkey, with 56 tonnes, dominated gold buying during the year-to-date period, followed by Egypt and Iraq with 44 tonnes and 34 tonnes respectively. Although several central banks reduced their gold holdings so far in 2022, the volume of purchases outclassed that of sales, WGC report said.

The list of year-to-date net sellers of gold includes Kazakhstan, Uzbekistan, Philippines and Germany among others.