World Central Banks Boosted Gold Reserves in November

SEATTLE (Scrap Monster): The latest report published by the World Gold Council (WGC) indicates surge in gold reserves by global central banks during the month of November last year.

According to WGC, the net gold purchases totalled 44 tonnes during the month. The gross purchases totalled 60 tonnes, which heavily outweighed the gross sales of 15 tonnes. The purchases, mainly from emerging markets, continued to be dominated by central banks who have been regular buyers throughout the year.

ALSO READ:

WGC: Gold Finished as a Top Performer in 2023

Analysts Expect Gold Prices to Stay Above $2,000 in 2024

The largest gold buyer during the month was the Central Bank of Turkey, which added 25 tonnes to its official gold reserves. It was followed by the National Bank of Poland and the People’s Bank of China, which reported additions of 19 tonnes and 12 tonnes respectively. The other prominent buyers were the Czech Republic and the Republic of Kyrgyzstan, WGC report said.

On the other hand, Uzbekistan emerged as the biggest seller, offloading 11 tonnes from its reserves during the month. Kazakhstan too reduced its gold holdings by 3 tonnes in November 2023.

The People’s Bank of China emerged as the largest gold purchaser during the first eleven months of 2023. The only developed market bank to add gold to its reserves was the Monetary Authority of Singapore.