India emerges as second largest gold buyer, adds 8 tons gold to its reserve: World Gold Council

NEW DELHI: In November 2024, central banks globally added a combined total of 53 tonnes of gold to their reserves, with the Reserve Bank of India (RBI) contributing 8 tonnes, according to the World Gold Council (WGC). In 2024, central banks, particularly those from emerging markets, continued to be avid buyers of gold, to achieve a stable and secure asset combating global economic uncertainty.

WCG’s report, ‘Central bank gold statistics November 2024’ stated, "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 report suggests that the decline in gold prices following the US election may have encouraged some central banks to escalate their gold purchases in November.

For India, the RBI’s additional 8 tonnes in November raised its total gold holdings to 876 tonnes. This brings the RBI’s year-to-date gold purchases to 73 tonnes, securing its position as the second-largest buyer of gold in 2024, behind Poland.

Poland’s National Bank (NBP) emerged as the largest buyer in November, adding 21 tonnes to its reserves. This brings Poland's total purchases for the year to 90 tonnes, with overall holdings now reaching 448 tonnes.

The Central Bank of Uzbekistan made a notable addition of 9 tonnes to its gold reserves in November, marking its first purchase since July. The bank’s total year-to-date net purchases now stand at 11 tonnes, with total holdings rising to 382 tonnes.

Kazakhstan’s central bank also increased its gold reserves by 5 tonnes, marking its second consecutive month of buying. As a result, the bank is now a net purchaser, holding a total of 295 tonnes of gold.

Meanwhile, the People’s Bank of China resumed its gold purchases after a six-month hiatus. The bank added 5 tonnes in November, bringing its year-to-date net purchases to 34 tonnes and total holdings to 2,264 tonnes, or 5 per cent of its total reserves.

Other countries also made significant gold purchases in November. The Central Bank of Jordan reported a 4-tonne rise in its reserves, the first monthly increase since July, bringing its year-to-date net purchases to nearly 2 tonnes and total holdings to 73 tonnes.

Turkey’s central bank increased its gold reserves by 3 tonnes, while also engaging in reverse swap agreements (gold for lira) with domestic commercial banks to manage liquidity. The Czech National Bank added almost 2 tonnes in November, marking its 21st consecutive month of gold buying. Its year-to-date net purchases now total almost 20 tonnes, with total holdings exceeding 50 tonnes.

The Bank of Ghana continued its domestic gold purchase programme, adding 1 tonne in November. This brings its year-to-date net purchases to 10 tonnes, lifting total gold holdings to 29 tonnes. The Bank of Ghana also launched the Ghana Gold Coin to the public in November, as part of efforts to stabilise the economy and promote investment in the country’s gold reserves.

In contrast, the Monetary Authority of Singapore was the month’s largest seller, reducing its gold reserves by 5 tonnes. Its year-to-date net sales now total 7 tonnes, leaving its overall gold holdings at 223 tonnes.

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