GOLD NEWS

WGC: World Central Banks Reported Net Gold Purchases in June

Mon Aug 05 2024

The World Gold Council (WGC) released the Central Bank Gold Statistics for the month of June this year.  According to the gold trade body, the monthly gross purchases of gold by central banks around the world totalled 31 tonnes during the month. This was partially offset by gross sales of 18 tonnes, mainly on account of moderated demand. Thus the world central banks reported net gold buying of 12 tonnes in June 2024.

The strength in gold purchases continued during the year-to-date period in 2024, said Krishan Gopaul, Senior Analyst, EMEA World Gold Council. However, the gross purchases and gross sales remained lower, upon comparison with the comparable year-to-date period in 2023. WGC noted that the emerging market banks have been the main driving force for both purchases and sales of the yellow metal.

The Central Bank of Uzbekistan and the Reserve Bank of India were the two largest buyers, adding 9 tonnes each to their reserves. The central banks of Poland and Qatar recorded addition of 4 tonnes and 3 tonnes respectively. The Monetary Authority of Singapore was the largest seller, offloading 12 tonnes, followed by Kazakhstan, which reported gold sales of 6 tonnes during the month.

Source: https://www.scrapmonster.com/