Global central banks buy 18.5 tons of gold in January - World Gold Council
According to preliminary estimates by the World Gold Council, global central banks increased the volume of gold in their reserves by 18.5 tons in January 2025, Kazakh media report. Kyrgyzstan reduced its gold reserves by 1.9 tons.
"Central banks maintained active interest in gold in January. Steady purchases highlight the strategic role of gold in gold and foreign exchange reserves, especially in the context of increased geopolitical risks. However, Kyrgyzstan, along with Russia (down 3.1 tons) and Jordan (3 tons), was among the countries that reduced their reserves," said WGC analyst Marissa Salim.
Central banks of developing countries remain the main buyers of gold. Uzbekistan became the leader, having purchased 8.1 tons, followed by China (5 tons) and Kazakhstan (3.8 tons). Other active buyers include Poland (3.1 tons), India (2.8 tons), the Czech Republic (1.7 tons) and Qatar (1.3 tons).
It was previously reported that the National Bank of Kazakhstan plans to sell about 750 billion tenge in foreign currency in the first quarter of 2025 to mirror the purchases of refined gold made in the fourth quarter of 2024.
Source: https://akipress.com/