India emerges as second largest gold buyer, adds 8 tons gold to its reserve: World Gold Council – Newz9

NEW DELHI: In November 2024, central banks globally added a mixed whole of 53 tonnes of gold to their reserves, with the Reserve Bank of India (RBI) contributing 8 tonnes, in accordance to the World Gold Council (WGC). In 2024, central banks, significantly these from rising markets, continued to be avid patrons of gold, to obtain a steady and safe asset combating world financial uncertainty.
WCG’s report, ‘Central financial institution gold statistics November 2024’ acknowledged, “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.”
The report means that the decline in gold costs following the US election might have inspired some central banks to escalate their gold purchases in November.
For India, the RBI’s further 8 tonnes in November raised its whole gold holdings to 876 tonnes. This brings the RBI’s year-to-date gold purchases to 73 tonnes, securing its place as the second-largest purchaser of gold in 2024, behind Poland.
Poland’s National Bank (NBP) emerged as the largest purchaser in November, including 21 tonnes to its reserves. This brings Poland’s whole purchases for the 12 months to 90 tonnes, with general holdings now reaching 448 tonnes.
The Central Bank of Uzbekistan made a notable addition of 9 tonnes to its gold reserves in November, marking its first buy since July. The financial institution’s whole year-to-date web purchases now stand at 11 tonnes, with whole holdings rising to 382 tonnes.
Kazakhstan’s central financial institution additionally elevated its gold reserves by 5 tonnes, marking its second consecutive month of shopping for. As a consequence, the financial institution is now a web purchaser, holding a complete of 295 tonnes of gold.
Meanwhile, the People’s Bank of China resumed its gold purchases after a six-month hiatus. The financial institution added 5 tonnes in November, bringing its year-to-date web purchases to 34 tonnes and whole holdings to 2,264 tonnes, or 5 per cent of its whole reserves.
Other nations additionally made important gold purchases in November. The Central Bank of Jordan reported a 4-tonne rise in its reserves, the primary month-to-month enhance since July, bringing its year-to-date web purchases to practically 2 tonnes and whole holdings to 73 tonnes.
Turkey’s central financial institution elevated its gold reserves by 3 tonnes, whereas additionally participating in reverse swap agreements (gold for lira) with home industrial banks to handle liquidity. The Czech National Bank added virtually 2 tonnes in November, marking its twenty first consecutive month of gold shopping for. Its year-to-date web purchases now whole virtually 20 tonnes, with whole holdings exceeding 50 tonnes.
The Bank of Ghana continued its home gold buy programme, including 1 tonne in November. This brings its year-to-date web purchases to 10 tonnes, lifting whole gold holdings to 29 tonnes. The Bank of Ghana additionally launched the Ghana Gold Coin to the general public in November, as a part of efforts to stabilize the economic system and promote funding within the nation’s gold reserves.
In distinction, the Monetary Authority of Singapore was the month’s largest vendor, decreasing its gold reserves by 5 tonnes. Its year-to-date web gross sales now whole 7 tonnes, leaving its general gold holdings at 223 tonnes.