You are here: Home > articles > Commodities > Forex > Gold purchases continue in Poland, the Czech Republic, and India
Gold purchases continue in Poland, the Czech Republic, and India
September 14, 2023 6:26 pmVideo
Latest News
- Euro will return to parity April 12, 2024
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
- Weekly Forex Outlook: 12/04/2024 – More inflation data on the way as rate cut bets in disarray April 12, 2024
- Technical Analysis – GBPUSD ticks down to new 5-month low April 12, 2024
- Bitcoin holds above $70,000 as halving event looms – Crypto News April 12, 2024
- Week Ahead – More inflation data on the way as rate cut bets thrown into disarray April 12, 2024
- Bitcoin will thrive during supply crisis April 12, 2024
- Technical Analysis – EURUSD plummets after US CPI and ECB decision April 12, 2024
Demand for gold continues to dominate the precious metals markets. This is one of the major factors supporting prices amid rising bond yields and a stronger U.S. dollar.
According to preliminary data from the World Gold Council (WGC), there has been a stable demand for gold in the third quarter, thanks to central bank purchases by countries like Poland, India, Uzbekistan, and the Czech Republic.
Krishan Gopaul, senior market analyst at WGC, said Poland purchased approximately 18 tons of gold in August. After Singapore, which bought 73.6 tons of gold as of July 2023, Poland has become one of the largest buyers this year.
People’s Bank of China also stands out as a significant gold buyer in 2023, having purchased 155 tons of gold, with August marking its tenth consecutive month of gold purchases.
Another major gold buyer in Europe is the Czech Republic, which bought around 2 tons of gold in August.
Recent data from the Central Bank of Uzbekistan shows an increase of 9 tons in its gold reserves in August. However, Uzbekistan’s gold reserves have been unstable, as they made a sale of 11.2 tons in July. It’s worth noting that gold-producing countries like Uzbekistan often sell part of their domestically produced gold. Nevertheless, Uzbekistan’s Central Bank gold reserves have fallen to 375 tons this year, which is 21 tons less than at the end of the previous year.
In August, India purchased 2 tons of gold, bringing the Reserve Bank of India’s net purchases for the year to over 12 tons, resulting in total gold reserves of just under 800 tons.
The summer has been a busy period for central banks. The spike in gold purchases in August followed a 55-ton increase in global reserves in July. While central bank demand doesn’t match the record pace set in 2022, it remains stable.
WGC noted that central bank demand for gold reached a new record in the first half of 2023, as reported in their second-quarter report.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: