The Strategist

World central banks increased gold reserves by 42 tons in October

12/06/2023 - 02:15

The World Gold Council (WGC) estimated that global central banks added 42.5 tons of gold to their foreign exchange reserves in October 2023.
According to WGC analyst Krishan Gopaul, this is 23% greater than the monthly average this year but 41% less than the revised September quantities (71.6 tons).

China, which announced a 23-ton rise in its gold holdings, was the biggest importer of the metal in October for the 12th straight month. The Chinese Central Bank has bought 204 tons of precious metal since the year's commencement.

The Central Bank of Turkey added 18.5 tons of gold to its holdings in October, but the nation was still a net seller at the end of the 10-month period due to large transactions that occurred in March through May.

Other significant purchasers in October included Kyrgyzstan and Qatar (1.1 tons each), India (2.8 tons), Czech Republic (1.9 tons), Poland (6.2 tons).