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Informist, Wednesday, Sep 4, 2024

 

MUMBAI – Global central banks have doubled their gold purchases in July to 37 tn, up from 12 tn in June, the World Gold Council said, citing International Monetary Fund data. This is the highest monthly total since January, when purchases were 45 tn, the WGC said. 

 

"At a country level, activity was limited to those who have been buyers and sellers of late," Krishan Gopaul, senior analyst, Europe, Middle East and Africa, World Gold Council said. "While the gold price rally is very likely having some impact on central bank gold demand this year, the longstanding trend of net buying remains intact," he said.

 

Seven central banks have added at least one tonne of gold to their reserves in July, while only one central bank reduced its gold holdings, the report said. The National Bank of Poland has added 14 tn of gold to its reserves, taking the gold holdings of the country to 392 tn, the council said. Poland was the largest buyer in July and "Poland has been on a gold buying spree since April, accumulating 33 tonnes over the last four months", according to the report. 

 

The Central Bank of Uzbekistan bought gold for the second consecutive month in July and purchased 10 tn, the report said. July’s purchase has flipped the Central Bank of Uzbekistan from a net seller to a net buyer, it said. The central bank's total gold holdings stand at 375 tn, it said.  

 

Citing the weekly data by the Reserve Bank of India, the WGC said the central bank's gold reserves rose by 5 tn in July and lifted the total holdings to 846 tn. The Central Bank of Jordan, the Central Bank of Turkey, the Qatar Central Bank, and the Czech National Bank have also increased their gold holdings in July, the report said. 

 

The Central Bank of Kazakhstan was the only net seller in July, whose gold reserves fell by 4 tn to 295 tn or 55% of total reserves, the report said. At 1540, the most-traded December gold contract was $2,514.1 per ounce, down 0.3% from the previous close.   End

 

US$1 = 83.97 rupees

 

Reported by J. Navya Sruthi

Edited by Vidhi Verma

 

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