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Gold purchases by central banks in 2023 exceeded 1,000 tonnes, just shy of the 2022 record

Friday, August 30, 2024

In 2023, central banks again made significant purchases of gold, acquiring a total of 1,037 tonnes, just 45 tonnes less than the 2022 record. Central banks currently hold some 36,700 tonnes of gold. China was the largest buyer, with an increase of 225 tons in its reserves, followed by Poland, which bought 130 tons. The main reasons for these acquisitions are stability in times of crisis and the long-term value of gold. Since 2010, central banks have been net buyers of gold, accumulating more than 7,800 tonnes in that time.

In terms of sales and purchases, Turkey sold 160 tonnes in the spring, but resumed buying in the third quarter. Other countries making significant purchases included Singapore, the Czech Republic, Iraq, India and the Philippines. Looking ahead, the trend of gold buying by central banks is expected to continue, showing little sign of abating.

Mike Maharrey. "Gold purchases by central banks in 2023 topped 1,000 tonnes, just shy of the 2022 record." Money Metals, February 2024.