- By Aditya Pratap Singh
- Tue, 07 Jan 2025 09:16 AM (IST)
- Source:JND
Global central banks collectively added 53 tonnes of gold to their reserves in November 2024, of which the Reserve Bank of India held an additional 8 tonnes, according to a report released by the World Gold Council on Monday. In 2024, central banks - mostly from emerging markets - remained eager buyers of gold, driven by the need for stable and safe assets amid global economic uncertainty.
"Evaluating the final act of 2024, global central banks continued to play a leading role in gold demand," the WGC said. A report - Central Bank Gold Statistics Central banks collectively added 53 net tonnes to global government holdings in November 2024, making November another solid month of gold buying.
The WGC said that the fall in gold prices in November after the US election may have given some central banks additional motivation to save.
"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," WGC said in a report - Central bank gold statistics November 2024.
The WGC further said that the Reserve Bank of India (RBI) continued its 2024 buying trend with an 8-tonne addition to its gold reserves in November.
This brought year-to-date net purchases to 73 tonnes and total gold to 876 tonnes, retaining its position as the second-largest buyer after Poland in 2024.
The National Bank of Poland (NBP) was the big buyer in November, adding 21 tonnes to its gold reserves in November, according to the WGC, bringing total purchases for the year to 90 tonnes and total holdings to 448 tonnes.
The gold reserves of the central bank of Uzbekistan rose by 9 tonnes this month - the first monthly increase since July. The bank's year-to-date net purchases stood at 11 tonnes and total gold at 382 tonnes, the report said.
Meanwhile, the National Bank of Kazakhstan increased its gold reserves by 5 tonnes, with the purchases marking the second consecutive month of purchases as the bank turned net buyers with a total gold holding of 295 tonnes.
The People's Bank of China resumed gold purchases after a six-month hiatus, adding 5 tonnes of gold to its reserves, taking year-to-date net purchases to 34 tonnes and total gold holdings to 2,264 tonnes (5 per cent of total reserves), the report said.
Data released by Jordan's central bank showed that its gold reserves rose by more than 4 tonnes in November - the first monthly increase since July. It said the country's net year-to-date purchases now stand at nearly 2 tonnes, taking its gold holdings to 73 tonnes.
The Turkish central bank increased its gold reserves by 3 tonnes until November 2024, and also entered into reverse swap agreements (gold against the lira) with domestic commercial banks to manage liquidity.
Gold reserves held by the Czech National Bank increased by almost 2 tonnes in November – the 21st consecutive month of purchases, it said, adding that the Czech National Bank's net year-to-date purchases now stand at almost 20 tonnes, increasing its gold holdings to slightly over 50 tonnes.
The Bank of Ghana has continued to accumulate gold as part of its domestic gold purchase programme, adding 1 tonne in November to take its net year-to-date purchases to a total of 10 tonnes, increasing its total gold holdings to 29 tonnes.
The bank also released a Ghana gold coin to the public during the month as part of its efforts to stabilise the economy and promote investment in Ghana's gold reserves, the WGC said.
Meanwhile, the Monetary Authority of Singapore was the biggest seller of the month, reducing gold stocks by 5 tonnes, with net sales rising to 7 tonnes during the year and total gold holdings rising to 223 tonnes.
(With Inputs From PTI)