The Strategist

World central banks increase total gold reserves by 16 tons in March

05/06/2024 - 11:06

The World Gold Council's (WGC) preliminary estimates show that the world's central banks added 15.7 tons of gold to their holdings in March, with purchases of 40.4 tons offsetting sales of 24.7 tons.

BullionVault via flickr
BullionVault via flickr
Uzbekistan sold the most, with 10.9 tons. Thailand's reserves were drastically cut by 9.6 tons, however this was brought on by the change in the reporting format for gold. Jordan, at 3.7 tons, was another top seller.

Turkey (14.1 tons), India (5.1 tons), China (5 tons), Kazakhstan, Singapore (4.5 tons each), and Russia (3.1 tons) were the top purchasers.

The State Oil Fund of Azerbaijan also added three tons to its gold holdings between January and March. This is significant because, according to WGC analyst Krishan Gopaul, it is the only sovereign fund that has disclosed gold purchases from the start of the year. However, it is not included in the overall figures because it is a quarterly figure.