The Reserve Bank of India (RBI) added 8 tonnes of gold to its reserve in November 2024, the World Gold Council (WGC) said in a report on Monday. The WGC in its report has said that central banks, mostly in emerging markets, remained keen buyers of gold as it remains a stable and secure asset. The report said that collectively, central banks around the world, added 53 tonnes of gold to their reserves.
The report 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."
Price dip in November led to purchase surge
Anticipating the reason for the surge in the purchase, the EGC said that after the US elections, the dip in prices may have provided some central banks with the added impetus to accumulate gold. With November buying, the RBI added a total of 73 tonnes this year. The total gold holding stood at 876 tonnes. India stands behind only Poland in purchasing in 2024.
Poland stands first
The National Bank of Poland (NBP) added 21 tonnes of gold to its reserve in November alone while in 2024, it added 90 tonnes. Here are other countries' additions to their gold reserves:
- Central Bank of Uzbekistan: 9 tonnes
- National Bank of Kazakhstan: 5 tonnes
- People's Bank of China (PBoC): 5 tonnes
- Central Bank of Jordan: 4 tonnes
- Central Bank of Turkey: 3 tonnes
- Czech National Bank: 2 tonnes
- Bank of Ghana: 1 tonnes
Meanwhile, the Monetary Authority of Singapore was the month's largest seller, reducing its gold reserves by 5 tonnes, bringing the year-to-date net sales to 7 tonnes and overall gold holdings to 223 tonnes, it added.
(With inputs from PTI)
