Global central banks increased their official reserves by 37 tonnes in July, demonstrating a continued commitment to gold accumulation. These figures are based on publicly available data as of 31 July 2024, according to the World Gold Council (WGC) and the IMF.
In June, banks added just 12 tonnes to their reserves, so the 206% month-on-month increase in reserves in July was the highest since January, when central banks added 45 tonnes to their reserves. Despite rising gold prices, central banks have shown a continued commitment to further accumulation of the precious metal.
At the country level, seven central banks added a tonne or more of gold to their reserves in July, while only one central bank reduced its gold holdings. The largest buyer was the National Bank of Poland, which added 14 tonnes of pure gold to its reserves, the biggest monthly increase since November 2023. The purchase brought its gold holdings to 392 tonnes (15% of total reserves). Poland has been actively buying gold since April, accumulating 33 tonnes over the past four months.
The Central Bank of Uzbekistan bought 10 tonnes in July (the second month of purchases in a row), bringing its gold holdings to 375 tonnes. The July purchase turned the Central Bank of Uzbekistan from a net seller to a net buyer.
The Reserve Bank of India’s (RBI) gold holdings rose by 5 tonnes in July, indicating monthly additions by the RBI. Since the beginning of the year, net gold purchases have amounted to 43 tonnes, while gold holdings have risen to 846 tonnes.
The Central Bank of Jordan’s (CBJ) gold holdings rose by more than 4 tonnes in July, the third consecutive month of net purchases. Since the beginning of the year, the CBJ’s gold reserves have grown by a net 3 tonnes to 74 tonnes.
Data from the Central Bank of Turkey shows that its official (central bank plus Treasury) gold reserves have grown by 4 tonnes, with net purchases for 14 consecutive months. Official gold holdings have reached a new record high of 589 tonnes, surpassing the previous record of 587 tonnes set in February 2023.
The Central Bank of Qatar has increased its gold reserves by 2 tonnes. This brings its net purchases since the beginning of the year to 8 tonnes, and its total gold holdings to 109 tonnes.
The Czech National Bank (CNB) has increased its gold reserves by 2 tonnes during the month, bringing its total to 43 tonnes. The CNB has increased its gold reserves for 17 consecutive months, with net purchases of more than 31 tonnes during that period.
The Central Bank of Kazakhstan was the only net seller in July. Its gold reserves fell by 4 tons, reducing gold reserves to 295 tons (55% of total reserves).
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
