Gold Purchases
Global central banks net purchase 40 tn gold in September, says WGC
This story was originally published at 14:19 IST on 4 November 2024
Register to read our real-time news.Informist, Monday, Nov. 4, 2024
MUMBAI – Global central banks net purchased 40 tonnes of gold in September, the World Gold Council said, citing data from the International Monetary Fund and other public data sources. Demand recovered during the month, with gross purchases of 48 tonnes and gross sales of 8 tonnes, the WGC said.
Purchases by global central banks in September were the second-highest monthly, surpassing 37 tonnes of gold bought in July this year. In January, they purchased 45 tonnes of gold. In August, global central banks purchased 8 tonnes of gold, the least since March. The average monthly gold purchased in the past 12 months stood at 26 tonnes, WGC said.
"Activity continued to be concentrated in emerging market central banks," Krishan Gopaul, senior analyst, EMEA (Europe, Middle East and Africa) at World Gold Council, said in a note. The National Bank of Poland was the largest buyer in September, adding 22 tonnes of gold to its reserves, taking the country's gold holdings to 420 tonnes, the council said.
The Hungarian National Bank was the second-biggest buyer, having purchased 16 tonnes of gold, the report said. The central bank's total gold holdings stand at 110 tonnes, it said.
"Both gross purchases and sales in 2024 are lower compared to the same period last year," Gopaul said.
Other major buyers in September were the Reserve Bank of India at 6 tonnes, the Central Bank of Turkey at 4 tonnes, and the Czech National Bank at 2 tonnes, the council said. The National Bank of Kazakhstan was the largest seller of gold in September, with its gold reserves falling by 4 tonnes to 285.9 tonnes, accounting for 54.5% of its total reserves, the report said.
The Central Bank of Jordan and the Monetary Authority of Singapore were notable sellers in September, offloading 3 tonnes and 1 tonne from their reserves, respectively. Global central banks cumulatively held 36,130.4 tonnes of gold reserves as of August.
At 1255 IST, the December gold contract on COMEX was at $2,751.30 per ounce, up 0.1% from Friday's close. End
US$1 = INR 84.11
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Sandeep Sinha
Edited by Avishek Dutta
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
