WGC: Central Bank Gold Demand Hit Fresh Record in H1 2024
The Gold Demand Trends Report-Q2 2024 published by the World Gold Council (WGC) indicates that central bank gold demand continued to remain healthy during the quarter, although it was lower when compared to recent quarters. The demand hit a fresh record in the initial six-month period of the year.
According to WGC, the central bank gold demand totalled 183 tonnes in Q2 this year, substantially lower by 39% from the prior quarter, but higher by almost 6% from the same quarter a year before. The net gold purchases during H1 this year totalled 483 tonnes, 5% higher from the previous record of 460 tonnes in H1 2023.
The National Bank of Poland (NBP) and the Reserve Bank of India (RBI) were the joint largest buyers of gold during the quarter, adding 19 tonnes to their respective reserves. It was NBP’s first gold purchase since Q4 last year. Meantime, the RBI has added gold to its reserves every month so far this year, WGC report noted.
The Central Bank of Turkey added 15 tonnes to its official reserves. The other prominent gold buyers, along with the purchased quantity in tonnes, are as follows: The Central Bank of Uzbekistan (7), Czech National Bank (6), Central Bank of Qatar (4), Central Bank of Russia (3), Central Bank of Iraq (3), Central Bank of Jordan (1) and National Bank of the Kyrgyz Republic (1).
On the contrary, the major sellers were the Central Bank of the Philippines (12t) and the National Bank of Kazakhstan (12t).
Source: https://www.scrapmonster.com