In November 2024, central banks globally increased their gold reserves by a total of 53 tonnes, with the Reserve Bank of India (RBI) contributing 8 tonnes to this addition, according to a report by the World Gold Council (WGC) released on Monday. The report highlights that central banks, particularly those from emerging markets, continued to purchase gold throughout the year due to its stability as a secure asset amid global economic uncertainties.
The WGC noted that November marked another strong month for gold buying by central banks, with the collective addition of 53 tonnes to global official holdings. The report suggests that a drop in gold prices following the U.S. election in November may have encouraged central banks to increase their gold purchases.
The RBI, continuing its gold-buying streak in 2024, added 8 tonnes to its reserves in November. This brought its total purchases for the year to 73 tonnes, increasing its total gold holdings to 876 tonnes. As a result, the RBI maintained its position as the second-largest buyer of gold in 2024, behind Poland.
Poland’s National Bank (NBP) was the largest buyer of gold in November, adding 21 tonnes to its reserves. This raised its year-to-date purchases to 90 tonnes, with a total holding of 448 tonnes.
Other central banks also made significant gold purchases in November. The Central Bank of Uzbekistan increased its gold reserves by 9 tonnes, marking the first addition since July. This brought Uzbekistan’s year-to-date net purchases to 11 tonnes, raising its total gold holdings to 382 tonnes.
The National Bank of Kazakhstan also continued its gold accumulation, adding 5 tonnes in November, bringing its total gold holdings to 295 tonnes. This marked the second consecutive month of gold purchases for Kazakhstan.
The People’s Bank of China (PBoC) resumed its gold purchases after a six-month break, adding 5 tonnes to its reserves. China’s year-to-date net purchases now total 34 tonnes, with total gold holdings reaching 2,264 tonnes, representing 5% of its total reserves.
Other notable additions include the Central Bank of Jordan, which raised its gold reserves by over 4 tonnes in November, bringing its year-to-date net purchases to nearly 2 tonnes and lifting total holdings to 73 tonnes. The Central Bank of Turkey also increased its gold reserves by 3 tonnes, while the Czech National Bank’s reserves grew by almost 2 tonnes, marking its 21st consecutive month of buying.
The Bank of Ghana added 1 tonne to its gold reserves in November, continuing its domestic gold purchase program. This increased its year-to-date net purchases to 10 tonnes, raising total holdings to 29 tonnes. Additionally, the bank launched the Ghana Gold Coin as part of its efforts to stabilize the economy and encourage investment in the country’s gold reserves.
On the other hand, the Monetary Authority of Singapore was the largest seller of gold in November, reducing its reserves by 5 tonnes. This brought its year-to-date net sales to 7 tonnes, with total gold holdings standing at 223 tonnes.
In summary, central banks continued to play a major role in driving demand for gold in November 2024, with several nations increasing their reserves as part of their strategy to safeguard economic stability.
