Central Banks Boost Gold Reserves with Record Purchases in October

Central banks, led by the Reserve Bank of India, surged their gold reserves to 60 tonnes in October, according to the World Gold Council. The RBI added 27 tonnes, increasing India's total gold holdings to 882 tonnes. Emerging markets such as Turkey and Poland also contributed to significant global net purchases.

Central banks have significantly boosted their gold reserves, with October seeing a surge to 60 tonnes, according to the World Gold Council. The Reserve Bank of India led these purchases, acquiring 27 tonnes to increase its total gold holdings to 882 tonnes. This marks a substantial five-fold increase compared to the same period in 2023.

Emerging market central banks continue to dominate these purchases, with Turkey adding 72 tonnes and Poland contributing 69 tonnes from January to October 2024. These three central banks accounted for 60% of total global net purchases this year, the WGC reported. Turkey's October net purchases marked the 17th consecutive month of gold buying, while Poland recorded its seventh consecutive month with 8 tonnes.

The National Bank of Kazakhstan, despite adding 5 tonnes in October, remains a net seller, while the Czech National Bank and Kyrgyzstan also increased their reserves. The Bank of Ghana's gold reserves rose to 28 tonnes after purchasing 1 tonne in October, continuing a steady increase since May 2023 from under 9 tonnes.

(With inputs from agencies.)