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Informist, Friday, Aug 2, 2024

MUMBAI – Global central banks net purchased 12 tn of gold in June, compared with 10 tn a month before, the World Gold Council said, quoting the International Monetary Fund data.

"Buying strength continues in 2024, although gross purchases and sales are lower compared to the same period last year," Krishan Gopaul, senior analyst, Europe, Middle East and Africa, World Gold Council said. Emerging market banks are the main driving force for both purchases and sales, he said.

Gold demand moderated during June as monthly gross purchases of 31 tn were offset by gross sales of 18 tn, the council said. The major buyers in June were the Central Bank of Uzbekistan and the Reserve Bank of India at 9 tn each, the National Bank of Poland at 4 tn, the Qatar Central Bank at 3 tn, the Czech National Bank and the Central Bank of Jordan at 2 tn each and the Central Bank of Turkey at 1 tn, the council said.  

The Monetary Authority of Singapore and the National Bank of Kazakhstan were the notable sellers in June, offloading 12 tn and 6 tn, respectively, from their reserves. Cumulatively, global central banks held 36,089.2 tn of gold reserves as of the end of May. The August gold contract on the COMEX was at $2,458.8 per ounce, up 1% from Friday's close.  End

US$1 = 83.75 rupees

Reported by Sandeep Sinha

Edited by Saji George Titus

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