World Gold Council: Strong central bank gold purchases in November 2024, net increase in holdings by 53 tons
2025-01-07
2865
Krishan GoPaul, Senior EMEA Analyst at the World Gold Council (WGC), stated that in November 2024, global central banks continued to drive gold demand, with emerging markets once again accounting for the largest share of gold purchases.
GoPaul said, "November is another strong month for gold purchases, with a total net increase of 53 tons of gold holdings by central banks based on existing report data. This continues the broader trend observed this year, as central banks (mainly emerging market central banks) remain keen on buying gold amid global economic uncertainty and demand for stable and safe assets
He said, 'The drop in gold prices after the November US election may have provided additional impetus for some central banks to increase their holdings of gold.' He added that most of the buying came from countries that have been active in recent months.
The Polish National Bank was the largest single buyer, adding 21 tons of gold reserves in November to reach 448 tons. GoPaul pointed out, "Gold currently accounts for nearly 18% of the country's total reserves, slightly lower than the previously set target of 20%. With a purchase volume of 90 tons so far this year, this purchase also consolidates its position as the main buyer of gold
The Central Bank of Uzbekistan has increased its gold reserves by 9 tons in the month, marking the first monthly increase since July, bringing the net gold purchases to 11 tons and total gold holdings to 382 tons so far this year.
He said, "The Reserve Bank of India continued its purchasing momentum in 2024 and added 8 tons of gold reserves in November. This increased the purchasing volume to 73 tons that year, and the total gold holdings reached 876 tons, maintaining its position as the second largest buyer after Poland in 2024
The National Bank of Kazakhstan also increased its gold reserves by 5 tons in November, making it a net buyer for 2024, with a current total gold reserve of 295 tons.
The Jordanian central bank bought 4 tons of gold in November, with a net purchase of nearly 2 tons that year, and a total gold holding of 73 tons.
Türkiye's central bank increased its gold reserves by 3 tons that month. " The central bank has also signed reverse swap agreements (gold for lira) with domestic commercial banks to manage liquidity
The Czech National Bank purchased nearly 2 tons of gold in November, marking the 21st consecutive month of gold purchases. He said, "The net purchase volume was close to 20 tons that year, which increased the gold holdings to slightly over 50 tons
Ghana Bank also increased its gold reserves by 1 ton in November, with a net purchase volume of nearly 10 tons that year and a total gold holding of 29 tons. GoPaul pointed out, "The bank also issued Ghanaian gold coins to the public in the same month as part of efforts to stabilize the economy and promote investment in Ghana's gold reserves
Singapore Financial Management was the largest gold seller in November, with a decrease of 5 tons in its gold reserves, resulting in a net sales volume of 7 tons that year. The Hong Kong Monetary Authority currently holds 223 tons of gold.
He wrote, "Last December, it was announced that the Finnish bank's gold reserves had decreased by 10% to 44 tons, and the sell-off was most likely to occur that month. This brought the bank's gold reserves to the lowest level since December 1984
GoPaul concluded, "Although we are still waiting for the remaining data for 2024, the widespread and sustained interest of central banks in gold this year clearly highlights its enduring appeal. With only the data for December yet to be released, central banks around the world will undoubtedly become large-scale net buyers for the 15th consecutive year. This is a performance that is completely worth calling off.
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