India becomes second largest buyer of gold after Poland in 2024: World Gold Council – Newz9

NEW DELHI: Global central banks remained lively in the gold market in November 2024, collectively including 53 tonnes of the dear steel to their reserves, in response to the World Gold Council.
This sustained shopping for pattern displays the rising choice for gold as a steady and safe asset amid international financial uncertainties.
India’s 12 months-to-date bought 73 tonnes of gold with complete gold reserves of 876 tonnes as on November finish, making it the second-largest buyer of 2024 after Poland, the WGC mentioned.
The National Bank of Poland (NBP) emerged because the largest buyer of gold in November, rising its reserves by 21 tonnes to succeed in a complete of 448 tonnes.
Gold accounts for practically 18 per cent of Poland’s complete reserves, simply shy of its 20 per cent goal. With 12 months-to-date purchases of 90 tonnes, NBP has maintained its place as the highest gold buyer of 2024.
The Central Bank of Uzbekistan additionally made vital additions, rising its reserves by 9 tonnes after a hiatus since July.
This brings its 12 months-to-date internet purchases to 11 tonnes, with complete holdings now at 382 tonnes. Similarly, the Reserve Bank of India continued its gold acquisition streak, including 8 tonnes in November.
Other notable consumers included the National Bank of Kazakhstan, which added 5 tonnes, reversing its standing to a internet purchaser for the 12 months, with complete reserves now at 295 tonnes.
The People’s Bank of China (PBoC) resumed gold shopping for after a six-month pause, including 5 tonnes and bringing its complete holdings to 2,264 tonnes, representing 5 per cent of its reserves.
The Central Bank of Jordan elevated its holdings by 4 tonnes in November, marking its first addition since July and lifting its complete reserves to 73 tonnes.
The Central Bank of Turkey added 3 tonnes and continued its liquidity administration efforts by means of gold-for-lira swap agreements with home banks.
Meanwhile, the Czech National Bank prolonged its shopping for streak to 21 consecutive months, buying practically 2 tonnes and rising its complete holdings to only over 50 tonnes. The Bank of Ghana, as half of its home gold buy program, added 1 tonne in November, bringing its complete reserves to 29 tonnes.
However, some central banks decreased their gold holdings throughout the month. The Monetary Authority of Singapore was the largest vendor, decreasing its reserves by 5 tonnes to a complete of 223 tonnes, with 12 months-to-date internet gross sales reaching 7 tonnes.
Additionally, the Bank of Finland introduced a big discount in December, promoting about 10 % of its gold holdings. This introduced its reserves to 44 tonnes, the bottom degree since 1984, as half of a method to handle alternate charge dangers.