WGC: Central Banks' Gold to Reserves Surged in January

SEATTLE (Scrap Monster): The latest report by the World Gold Council (WGC) says that global central banks accumulated more gold during the month of January this year. The central banks added 39 tonnes of gold to their reserves, mainly led by strong purchases by Chinese and Turkish central banks.

According to the gold trade body, six central banks increased their gold reserves by more than at least a tonne.

The Central Bank of Turkey emerged as the largest buyer, adding 12 tonnes to its gold holdings, thereby lifting the total gold holdings to 552 tonnes. The gold reserves at the People’s Bank of China recorded fifteenth consecutive month of addition. The bank added 10 tonnes to its reserves, lifting the total gold holdings to 2,245 tonnes.

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The Reserve Bank of India added nearly 9 tonnes. The National Bank of Kazakhstan and the Central Bank of Jordan boosted their gold reserves by 6 tonnes and 3 tonnes respectively. Meantime, the Czech National Bank reported eleventh straight month of purchases, adding 2 tonnes during January 2024.

The only noteworthy sale of gold came from the Central Bank of Russia, which saw their gold reserves drop by 3 tonnes.

The strong buying in January is in line with its earlier prediction that 2024 will be yet another solid year of central bank gold demand, said the WGC report.