World Central Banks Witnessed Modest Gold Demand in August

SEATTLE (Scrap Monster): The World Gold Council (WGC) reports that global central banks kept buying gold in August of this year. Still, net purchases dropped to their lowest point since March 2024. It was also significantly less than the 12-month average of purchases.

The central banks reported net purchases of 8 tonnes. Throughout the month, just four central banks increased their holdings of gold by more than a tonne. Emerging market (EM) central banks were the main buyers of gold.

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The National Bank of Poland was the biggest purchaser. The bank increased its gold holdings to 398 tonnes by adding 6 tonnes throughout the month. The bank has increased its holdings by 39 tons in the last five months. In August 2024, the Turkish Central Bank announced that it has added 3 tons of gold to its reserves. In addition, the Reserve Bank of India bought 3 tonnes of gold, marking its ninth straight month of gold purchases.

Meanwhile, in August, the Czech National Bank (CNB) added two tonnes of gold. This month marks the bank's eighteenth consecutive month of net purchase. The bank has added 33 tonnes of gold over this time. On the other hand, throughout the month, the Central Bank of Kazakhstan's gold reserves decreased by 5 tonnes. According to the WGC report, the bank's year-to-date gold holdings have decreased by 5 tonnes.