GOLD NEWS

Central Banks Boost Gold Reserves by 33 Tonnes in April

Sat June 08 2024

Global gold reserves rose by 33 tonnes in April, according to the World Gold Council. The Central Bank of Turkey was at the forefront, increasing its holdings by 8 tonnes. This addition marks 11 consecutive months of purchases, bringing the central bank’s year-to-date acquisitions to 38 tonnes and raising its overall official gold reserves to 578 tonnes. Other key purchasers were the National Bank of Kazakhstan and the Reserve Bank of India (RBI), each adding six tonnes. Conversely, the People’s Bank of China (PBOC) experienced a significant slowdown, with an addition of less than two tonnes, marking its smallest monthly gain since November 2022. Additionally, March’s net purchases were adjusted to only three tonnes after delayed reports of a 12-tonne sale by the Central Bank of the Philippines. Rising gold prices in March also led four banks to increase their sales, indicating a reaction to market dynamics.

Source: https://news.bitcoin.com/