rbi-adds-27-tonnes-of-gold-to-reserves-in-october-wgc

Central banks' gold purchases surged to 60 tonnes in October, driven primarily by the Reserve Bank of India (RBI), which added 27 tonnes to its reserves, the World Gold Council (WGC) reported on Thursday.

 

India's gold acquisition in October brought its total purchases for 2024 to 77 tonnes, based on monthly data from the International Monetary Fund (IMF). This marks a five-fold increase in RBI’s gold buying compared to the same period in 2023, according to the WGC.

 

With this latest addition, India’s total gold reserves now stand at 882 tonnes, of which 510 tonnes are held domestically.

 

Emerging market central banks dominated gold acquisitions, with Turkey and Poland purchasing 72 tonnes and 69 tonnes, respectively, from January to October. Together with India, these three nations accounted for 60% of global net purchases this year, the WGC noted.

 

In October alone, the Central Bank of the Republic of Turkey added 17 tonnes to its reserves, marking the 17th consecutive month of net buying and the highest monthly total since December 2023.

 

Poland’s central bank, the National Bank of Poland (NBP), reported a net addition of 8 tonnes in October, marking its seventh consecutive month of gold purchases. The NBP aims to allocate 20% of its total official reserve assets to gold, as outlined in its annual report.

 

Kazakhstan added 5 tonnes of gold in October after five months of net selling, though it remains a net seller overall.

 

The Czech National Bank (CNB) increased its gold holdings by 2 tonnes, marking its 20th consecutive month of net purchases. Over this period, the CNB has accumulated 37 tonnes, bringing its total gold reserves to 49 tonnes.

 

Kyrgyzstan also added 2 tonnes to its reserves, bringing its year-to-date gold purchases to nearly 6 tonnes, the highest monthly addition since September 2023.

 

The Bank of Ghana increased its gold reserves by 1 tonne in October, raising its total holdings to 28 tonnes. Ghana’s gold reserves have steadily increased since May 2023, when they stood at just under 9 tonnes, the WGC said.