Central bank gold purchases surged to 60 tonnes in October, with the Reserve Bank of India (RBI) leading the way by adding 27 tonnes, according to the World Gold Council (WGC). India’s total gold acquisitions for 2024 reached 77 tonnes, a five-fold increase compared to the same period in 2023. This brings the country’s total gold reserves to 882 tonnes, of which 510 tonnes are held domestically.
Turkey and Poland Among Top Buyers
Emerging market central banks dominated global purchases. Turkey added 17 tonnes in October, marking 17 consecutive months of net buying. For the year, Turkey’s total acquisitions stood at 72 tonnes. Similarly, the National Bank of Poland added 8 tonnes during October, continuing its buying streak for the seventh consecutive month. Poland aims for a 20% gold allocation in its official reserves.
Other Notable Contributors to Gold Buying
Kazakhstan, after months of selling, added 5 tonnes in October, while the Czech National Bank extended its buying streak to 20 months with a 2-tonne addition. Kyrgyzstan also purchased 2 tonnes, achieving its highest monthly net buying since September 2023. The Bank of Ghana increased its reserves by 1 tonne, taking its total to 28 tonnes, a significant rise from 9 tonnes in May 2023.
The WGC noted that October’s central bank purchases surpassed the quarterly totals of the previous two quarters, highlighting the continued demand for gold as a stable asset.