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Informist, Wednesday, Dec. 4, 2024

 

MUMBAI – Global central banks net purchased 60 tonnes gold in October, the World Gold Council said, citing data from the International Monetary Fund and other public data sources. The Reserve Bank of India, the Central Bank of Turkey, and the National Bank of Poland were big buyers of gold in October, according to WGC.

 

These three central banks alone account for 60% of total global net purchases reported this year. The National Bank of Kazakhstan recorded its first monthly purchase in October at 4 tonnes after five consecutive months of reducing gold holdings, the WGC said.

 

"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," Marissa Salim, senior research lead, Asia-Pacific, World Gold Council said. "This reaffirms the role gold plays as a strategic asset for central banks to manage risks and diversify reserves," Salim said.

 

The Central Bank of the Republic of Turkey bought gold for 17 consecutive months by adding 17 tonnes in October, the highest reported monthly figure on record since December 2023. "October’s figures have surpassed the quarterly total of Apr-Jun (Q2) and Jul-Sept (Q3). On a year-to-date basis Turkey added 72 tonnes, representing around 34% of its total reserves," the council said.

 

Other major buyers in October were the Reserve Bank of India at 27 tonnes, the National Bank of Poland at 8 tonnes, and the Czech National Bank at 2 tonnes, the council said. The National Bank of Kyrgyzstan and the Bank of Ghana were other notable buyer of gold in October, the report said.

 

Global central banks cumulatively held 36,320.8 tonnes of gold reserves as of September. At 2000 IST, the February gold contract on COMEX was at $2,675.80 per ounce, up 0.3% from Tuesday's close. End

 

US$1 = INR 84.74

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Sandeep Sinha

Edited by Deepshikha Bhardwaj

 

 

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