The Strategist

World central banks buy 39 tons of gold in January

03/06/2024 - 06:12

Preliminary estimates from the World Gold Council (WGC) indicate that 39 tons of gold were purchased by global central banks in January as foreign exchange reserves.

According to WGC analyst Krishan Gopaul's evaluation, this is more than double the specified amounts of December (16.9 tons), making January the eighth straight month of growth.

China (10 tons) and Turkey (11.8 tons) were the biggest purchasers in January. India bought 8.7 tons from, Kazakhstan - 6.2 tons, Jordan - 3.1 tons, the Czech Republic  - 1.7 tons.

Only the Bank of Russia reported sales of 3.1 tons.

Gopaul points out that this is a recurrence of a trend that began in 2021: a roughly 3-ton drop in supplies, followed by replenishment. "We think this activity is related to the nation's coinage program," noted the expert.