WGC: Central Bank Net Gold Buying Reduced by Half in August

SEATTLE (Scrap Monster): The latest report published by the World Gold Council (WGC) suggests that the net gold purchases by world central banks slowed to 20 tonnes during the month of August this year. The purchases nearly halved when compared with the prior month. However, this is the fifth straight month that the banks recorded net gold purchases. The gold-related activity by central banks remained muted.

According to Krishan Gopaul, Turkish central banks purchased 9 tonnes of gold during the month, lifting its year-to-date gold purchases to 84 tonnes. The official gold reserves of the country currently stands at 478 tonnes, which is the highest level since the second quarter of 2020, the report said.

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Uzbekistan too added 9 tonnes, taking its total gold reserves to over 381 tonnes. It had added almost the same quantity of gold in the prior two months as well. The year-to-date purchases totalled 19 tonnes. It must be noted that Uzbekistan had reported gold outflow of 25 tonnes in the initial quarter of 2022.

Another country to boost its gold reserves, though only by 2 tonnes, was Kazakhstan. The total gold reserves currently at around 375 tonnes, are down by almost 28 tonnes since the start of the current year.

Also, preliminary data published by the Qatar Central Bank indicates further addition of gold to its reserves in August this year.