New Delhi [India], January 6 (ANI): Global central banks remained active in the gold market in November 2024, collectively adding 53 tonnes of the precious metal to their reserves, according to the World Gold Council.
This sustained buying trend reflects the growing preference for gold as a stable and secure asset amidst global economic uncertainties.
India’s year-to-date purchased 73 tonnes of gold with total gold reserves of 876 tonnes as on November end, making it the second-largest buyer of 2024 after Poland, the WGC said.
The National Bank of Poland (NBP) emerged as the largest buyer of gold in November, increasing its reserves by 21 tonnes to reach a total of 448 tonnes.
Gold accounts for nearly 18 per cent of Poland’s total reserves, just shy of its 20 per cent target. With year-to-date purchases of 90 tonnes, NBP has maintained its position as the top gold buyer of 2024.
The Central Bank of Uzbekistan also made significant additions, increasing its reserves by 9 tonnes after a hiatus since July.
This brings its year-to-date net purchases to 11 tonnes, with total holdings now at 382 tonnes. Similarly, the Reserve Bank of India continued its gold acquisition streak, adding 8 tonnes in November.
Other notable buyers included the National Bank of Kazakhstan, which added 5 tonnes, reversing its status to a net purchaser for the year, with total reserves now at 295 tonnes.
The People’s Bank of China (PBoC) resumed gold buying after a six-month pause, adding 5 tonnes and bringing its total holdings to 2,264 tonnes, representing 5 per cent of its reserves.
The Central Bank of Jordan increased its holdings by 4 tonnes in November, marking its first addition since July and lifting its total reserves to 73 tonnes.
The Central Bank of Turkey added 3 tonnes and continued its liquidity management efforts through gold-for-lira swap agreements with domestic banks.
Meanwhile, the Czech National Bank extended its buying streak to 21 consecutive months, purchasing nearly 2 tonnes and increasing its total holdings to just over 50 tonnes. The Bank of Ghana, as part of its domestic gold purchase program, added 1 tonne in November, bringing its total reserves to 29 tonnes.
However, some central banks reduced their gold holdings during the month. The Monetary Authority of Singapore was the largest seller, reducing its reserves by 5 tonnes to a total of 223 tonnes, with year-to-date net sales reaching 7 tonnes.
Additionally, the Bank of Finland announced a significant reduction in December, selling about 10 per cent of its gold holdings. This brought its reserves to 44 tonnes, the lowest level since 1984, as part of a strategy to manage exchange rate risks. (ANI)
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