Central banks worldwide collectively added 53 tonnes of gold to their reserves in November 2024, with the Reserve Bank of India contributing 8 tonnes, according to a World Gold Council (WGC) report released on Monday.
In 2024, central banks, particularly those from emerging markets, remained active buyers of gold, seeking a stable and secure asset amidst global economic uncertainties.
"Assessing the final act of 2024, central banks around the world continued to play a leading role in the demand for gold.
November represented another solid month of gold buying as central banks collectively added a net 53 tonnes to global official holdings," the WGC stated in its report, Central Bank Gold Statistics November 2024.
The WGC noted that the dip in gold prices in November, following the US election, may have provided added impetus for some central banks to accumulate.
The Reserve Bank of India continued its 2024 buying streak, adding 8 tonnes in November, bringing its total purchases for the year to 73 tonnes and total gold reserves to 876 tonnes. This maintains India’s position as the second-largest gold buyer of 2024, after Poland.
The National Bank of Poland was the largest buyer in November, increasing its gold reserves by 21 tonnes, bringing its total purchases for the year to 90 tonnes and total holdings to 448 tonnes.
The Central Bank of Uzbekistan added 9 tonnes of gold in November, its first monthly increase since July. Year-to-date net purchases reached 11 tonnes, with total gold holdings at 382 tonnes.
The National Bank of Kazakhstan added 5 tonnes of gold for the second consecutive month, flipping to a net purchaser with total holdings of 295 tonnes.
The People’s Bank of China resumed gold purchases after a six-month hiatus, adding 5 tonnes in November. This brings its year-to-date purchases to 34 tonnes, with total gold reserves reported at 2,264 tonnes (5 per cent of total reserves).
The Central Bank of Jordan increased its gold reserves by over 4 tonnes in November, the first rise since July. Year-to-date net purchases now total nearly 2 tonnes, with total gold holdings at 73 tonnes.
The Central Bank of Turkey increased its gold reserves by 3 tonnes in November 2024 and entered reverse swap agreements (gold for lira) with domestic banks to manage liquidity.
The Czech National Bank added nearly 2 tonnes of gold in November, marking 21 consecutive months of purchases. Year-to-date purchases total nearly 20 tonnes, raising gold reserves to just above 50 tonnes.
The Bank of Ghana added 1 tonne in November through its domestic gold purchase programme, bringing year-to-date purchases to 10 tonnes and total holdings to 29 tonnes. The bank also launched the Ghana Gold Coin to promote investment in its gold reserves.
Meanwhile, the Monetary Authority of Singapore was the largest seller in November, reducing its gold reserves by 5 tonnes. This brings year-to-date net sales to 7 tonnes, with total holdings at 223 tonnes, the report added.
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