Global Buyers
Global central banks net purchase 53 tn gold in November, says WGC
This story was originally published at 21:53 IST on 6 January 2025
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MUMBAI – Global central banks net purchased 53 tonnes of gold in November, the World Gold Council said, citing data from the International Monetary Fund and other public data sources. The National Bank of Poland was the major buyer of gold in November, adding 21 tonnes to its gold reserves. Gold now accounts for almost 18% of its total reserves, according to WGC.
"The gold price dip in November, following the US election, may have provided some central banks with added impetus to accumulate," Krishan Gopaul, senior analyst, EMEA (Europe, Middle East and Africa) at the World Gold Council, said.
The Reserve Bank of India bought 8 tonnes of gold in November, maintaining its position as the overall second-largest buyer of the precious metal in 2024 after Poland, the council said. India's year-to-date net purchase of gold was at 73 tonnes, while Poland's was 90 tonnes, it added.
The Central Bank of Uzbekistan added 9 tonnes of gold in November, its first monthly addition since July.
After a six-month hiatus, the People's Bank of China added 5 tonnes of gold to its reserves in November, increasing its year-to-date net purchases to 34 tonnes, the council said. The National Bank of Kazakhstan increased its gold reserves by 5 tonnes in November, the second successive month of buying.
Other major buyers in November were the Central Bank of Jordan at 4 tonnes, the Central Bank of Turkey at 3 tonnes, and the Czech National Bank at almost 2 tonnes, the council said. The Bank of Ghana was another notable buyer of gold in November, the report said.
The Monetary Authority of Singapore was a notable seller in November, offloading 5 tonnes of gold from its reserves. At 2039 IST, the February gold contract on the COMEX was at $2,644.5 per ounce, down 0.4% from the previous close. End
US$1 = INR 85.83
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Tanima Banerjee
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