Central Banks boosted gold reserves in February, albeit at a slower pace
05 April 2024
Data for February showed global central bank gold reserves reportedly increased by $19 trillion, the ninth consecutive month of growth. But the combination of slower overall purchases and higher sales volumes meant purchases in February were 58% lower than January's total of 45 tonnes.Central banks reported additions of 64 tons in January and February, 43% lower than the same period in 2023 but four times higher than in 2022.
As in previous months, activity is largely limited to those who have bought/sold frequently in recent years.
The People's Bank of China was the biggest buyer during the month, increasing its gold reserves by 12 tons to 2,257 tons. Including February, the PBoC's gold reserves have increased for 16 consecutive months, although the proportion of gold in total reserves remains at about 4%. When the Yuan becomes too weak compared to the US Dollar as it is now, it is understandable that the PBoC continuously increases gold reserves. The country of billions of people is witnessing a massive wave of people buying gold as the country's stocks plummet.The National Bank of Kazakhstan increased its gold reserves to 6 tons in February, continuing the strong start to 2024. Year-to-date net purchases amounted to 12 tons, bringing total gold holdings to more than 306 tons Weekly data from the Reserve Bank of India showed the country's gold reserves increased by 6 tonnes in February. This brings their purchases this year to more than 13 tons and their total gold holdings to 817 tons.Official gold reserves at the Central Bank of Türkiye increased by 4 tons in February, bringing holdings to 556 tons.The Monetary Authority of Singapore added 2 tonnes to its gold reserves during the month, the first increase in gold holdings since September 2023. Gold reserves now total 232 tonnes
Czech National Bank data shows that its gold reserves increased by about 2 tons in February - the 12th consecutive month of gold purchases (from 1 ton or more). During that period, Czech purchases totaled nearly 22 tons, bringing gold holdings to 34 tons, 183% higher than at the end of February 2023.Qatar Central Bank reported that the country's gold reserves increased by nearly 2 tons in February. The country's total gold holdings surpassed 100 tons in December and currently stand at just under 103 tons.
Data from the National Bank of the Kyrgyz Republic shows that the country's gold reserves increased by more than 1 ton in February, with a total net purchase so far this year of 2 tons. The total amount of gold held is currently nearly 24 tonsAvailable data shows there were only two notable selling by Central Banks during the month. The Central Bank of Uzbekistan reduced its gold reserves by 12 tons during the month, while the Central Bank of Jordan reduced its gold holdings by 4 tons.Despite slower demand from central banks in February, the year is off to a strong start and widespread gold buying remains intact. Signaling that the upward momentum of gold prices has not stopped.
Souce: https://24hmoney.vn/news/cac-ngan-hang-trung-uong-tang-cuong-du-tru-vang-trong-thang-2-mac-du-voi-toc-do-cham-hon-c30a2236126.html