Kazakhstan leads Central Asia in gold purchases - World Gold Council
Central banks around the world continued their gold acquisitions in March, with a total acquisition of 16 tons. Kazakhstan notably emerged as the third-largest gold buyer globally, surpassing Russia's net buying by just one ton. This development positions Kazakhstan as the leading gold buyer in Central Asia, according to the World Gold Council (WGC).
According to the WGC, demand from central banks remained robust, with monthly gross purchases holding steady at 40 tons. This was partially offset by gross sales of 25 tons. The agency's survey highlighted that major buyers were predominantly from emerging markets.
In March, the Central Bank of Turkey led the pack by adding the most gold at 14 tons, followed by the Reserve Bank of India and the People's Bank of China, each adding 5 tons. Kazakhstan and Singapore shared the third position, both increasing their net gold buying by 4 tons each. The trend of strong buying has carried over into 2024, with emerging market banks being the primary driving force behind both purchases and sales.
Conversely, Uzbekistan reported the most substantial decrease in net buying, reducing its gold reserves by 11 tons. Jordan and Thailand also reduced their gold reserves by 4 and 10 tons, respectively. However, Thailand's reduction was attributed to a transition to an adjusted reporting format on gold rather than a physical reduction in reserves.
For 1Q24, central banks' demand reached 289.7 tons of gold, marking a 1.2% increase over the same period last year.
The Independent Precious Metals Authority (LBMA) noted a notable price surge in the global gold market since October 2022, when a troy ounce of gold was priced at $1,665.2. As of May 3 this year, the price had risen to $2,301 per troy ounce. The LBMA reported an acceleration of the gold price increase in October 2023. Additionally, BASS Gold forecasted that the price of gold will reach $2,600 per ounce within this year, based on expert opinions and market analysis.
Source: https://daryo.uz/