Global Central Banks Add 53 Tonnes Of Gold In November 2024; RBI Buys 8 Tonnes

Central banks worldwide collectively purchased 53 tonnes of gold in November 2024, driven by economic uncertainties and a dip in gold prices, according to the World Gold Council (WGC). Emerging markets led the buying spree, with the Reserve Bank of India (RBI) adding 8 tonnes, bringing its year-to-date purchases to 73 tonnes. This raised India’s total gold reserves to 876 tonnes, securing its position as the second-largest buyer of 2024 after Poland.

The National Bank of Poland topped the list, purchasing 21 tonnes in November and 90 tonnes in 2024. Its total holdings now stand at 448 tonnes. Uzbekistan also resumed gold purchases after a hiatus, adding 9 tonnes in November and bringing its 2024 net purchases to 11 tonnes.

China And Other Countries Expand Reserves

The People’s Bank of China acquired 5 tonnes in November, increasing its total reserves to 2,264 tonnes, equivalent to 5% of its total reserves. Kazakhstan added 5 tonnes for a second consecutive month, flipping to a net purchaser with holdings of 295 tonnes.

Turkey, Jordan, and the Czech Republic were also notable buyers. The Czech National Bank recorded its 21st consecutive month of gold accumulation, bringing its year-to-date purchases to 20 tonnes and total holdings to over 50 tonnes. Ghana continued its domestic gold accumulation program, buying 1 tonne in November, increasing its total reserves to 29 tonnes.

The Monetary Authority of Singapore reduced its gold reserves by 5 tonnes in November, making it the largest seller of the month. Year-to-date, its net sales totaled 7 tonnes, leaving its overall reserves at 223 tonnes.

Gold remains a preferred asset for central banks amid global economic uncertainties, with WGC noting continued strong demand into the end of 2024.

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