All That Glitters
Global central banks net bought 18 tonnes of gold in January, says WGC
This story was originally published at 17:23 IST on 4 March 2025
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MUMBAI – Global central banks net bought 18 tonnes of gold in January, the World Gold Council said, citing data from the International Monetary Fund and other public data sources. Central banks of emerging markets continued to lead others in gold purchases, with Uzbekistan, China and Kazakhstan being the top three buyers.
"The sustained buying highlights the strategic importance of gold in official reserves, particularly as central banks navigate heightened geopolitical risks," Marissa Salim, senior research lead, Asia-Pacific, World Gold Council, said.
The Central Bank of Uzbekistan was the largest reported net buyer at 8 tonnes. The People's Bank of China bought 5 tonnes in January, the third successive month of purchase. Gold reserves with the Chinese central bank climbed to 2,285 tonnes as of January-end, according to WGC.
Other major buyers in January were the National Bank of Kazakhstan at 4 tonnes. The Reserve Bank of India and the National Bank of Poland at 3 tonnes each, Czech National Bank at 2 tonnes, and Qatar Central Bank at 1 tonne, the council said.
The Central Bank of Russia and the Central Bank of Jordan sold 3 tonnes each from their reserves in January, and the National Bank of the Kyrgyz Republic sold 2 tonnes, according to the report.
Global central banks cumulatively held 36,197.3 tonnes of gold reserves as at end of December. At 1625 IST, the April gold contract on the COMEX was $2,924.70 per ounce, up 0.8% from Monday's close. End
US$1 = INR 87.27
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Sandeep Sinha
Edited by Ashish Shirke
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