Global central banks reported 60 tons of net gold purchases in October, which is the highest amount recorded year to date, as reported by the World Gold Council (WGC).
The leader in gold buying was the Reserve Bank of India at 27 tons, followed by Turkey and Poland at 17 tons and 8 tons respectively. India’s net gold purchases this year amounted to 77 tons, a five-fold increase on its 2023 activity. Meanwhile, Turkey and Poland added 72 tons and 69 tons to their gold reserves since the beginning of 2024, respectively. These three central banks alone account for 60% of total global net purchases reported this year, WGC reported.
“Central bank demand remains robust, with year to date (reported and unreported) buying reaching 694 tons by Q3 2024 - comparable to levels seen in 2022,” WGC analysts said.
“While rising gold prices appear to have inhibited some buying and prompted tactical sales over recent months, October's rebound in reported activity signals continued interest from central banks to accumulate gold within their reserve portfolios. This reaffirms the role gold plays as a strategic asset for central banks to manage risks and diversify reserves.”
Theodor Lisovoy, Managing Editor, Rough&Polished
