WGC Posted Robust Gold Demand by World Central Banks

SEATTLE (Scrap Monster): The latest market update provided by the World Gold Council (WGC) suggests that appetite for gold by central banks remained robust during the month of July this year.

According to Krishan Gopaul, Senior Analyst, EMEA World Gold Council, world central bank gold reserves witnessed addition by 37 tonnes in July, though this was significantly lower when compared to additions which had totalled 64 tonnes during the prior month. The year-to-date gold purchases exceeded 300 tonnes till July.

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The largest gold buyer during the month was the Qatar Central Bank, which reported addition of 15 tonnes of gold to its official gold reserves. This is the highest ever monthly purchases by the bank. India added over 13 tonnes to its central bank gold reserves, thus lifting its total gold reserves to 781 tonnes. The Turkish central bank too increased its official gold reserves by 12 tonnes in July 2022. Meantime, the Central Bank of Uzbekistan purchased 9 tonnes of gold during the month.

As per official data, the only notable seller was the National Bank of Kazakhstan, which recorded sales of 11 tonnes of gold in July this year. The bank has indicated that any further sales would be based on market conditions.

Meantime, unofficial data indicates that the Central Bank of Venezuela witnessed a dip of 6 tonnes in its gold reserves during the initial six-month period of the current year.