Even though the final IMF data hasn’t been released, the initial results of gold purchases by central banks showed that buyer activity did not decrease in September, says Krishan Gopaul, senior analyst at the World Gold Council.
Last month, China remained the largest buyer, maintaining its record pace of purchasing precious metals. The country’s gold reserves increased by 26 tonnes in September, bringing their stated purchases in 2023 to 181 tonnes. In August, China acquired 29 tonnes of the precious metal.
Since the start of buying activity in November of the previous year, the People’s Bank of China has increased its gold reserves by 243 tonnes. Now, the precious metal constitutes more than 4% of its total foreign reserves.
Official data states that China’s gold reserves currently stand at 2,192 tonnes. However, many believe that the actual amount is much higher.
Additionally, India’s central bank caused a stir in the gold market last month by making its largest purchase in 15 months. According to the Reserve Bank of India, its gold reserves increased by 7 tonnes in September, and this volume was added during the last week of the month. Since July 2022, when the bank purchased 13 tonnes, September 2023 ranks second in terms of the monthly volume acquired. Now, the total volume of RBI’s gold reserves will increase to 807 tonnes.
In August, India bought 2 tonnes of the yellow metal. The September figure represents a huge leap in RBI’s gold purchases compared to the previous month.
Poland was another buyer in September. In the past month, the Polish central bank increased its total gold reserves by 6%.
According to data published by the National Bank of Poland, the country added 19 tonnes to its gold reserves in September, bringing the total volume of gold reserves to 330 tonnes. In August, the central bank also purchased 18 tonnes of gold. Currently, Poland is on track to achieve its target of 100 tonnes, as announced in 2021.
Gopaul also posted comments by the President of the National Bank of Poland, Adam Glapinski, which explain the rapid pace of the central bank’s gold purchases in 2023.
Poland desires to increase the share of gold in its total reserves to 20%. Currently, the bank owns 314 tonnes of gold, which constitutes 11% of the total reserve volume.
The material has been provided by InstaForex Company – www.instaforex.com
Even though the final IMF data hasn’t been released, the initial results of gold purchases by central banks showed that buyer activity did not decrease in September, says Krishan Gopaul, senior analyst at the World Gold Council.
Last month, China remained the largest buyer, maintaining its record pace of purchasing precious metals. The country’s gold reserves increased by 26 tonnes in September, bringing their stated purchases in 2023 to 181 tonnes. In August, China acquired 29 tonnes of the precious metal.
Since the start of buying activity in November of the previous year, the People’s Bank of China has increased its gold reserves by 243 tonnes. Now, the precious metal constitutes more than 4% of its total foreign reserves.
Official data states that China’s gold reserves currently stand at 2,192 tonnes. However, many believe that the actual amount is much higher.
Additionally, India’s central bank caused a stir in the gold market last month by making its largest purchase in 15 months. According to the Reserve Bank of India, its gold reserves increased by 7 tonnes in September, and this volume was added during the last week of the month. Since July 2022, when the bank purchased 13 tonnes, September 2023 ranks second in terms of the monthly volume acquired. Now, the total volume of RBI’s gold reserves will increase to 807 tonnes.
In August, India bought 2 tonnes of the yellow metal. The September figure represents a huge leap in RBI’s gold purchases compared to the previous month.
Poland was another buyer in September. In the past month, the Polish central bank increased its total gold reserves by 6%.
According to data published by the National Bank of Poland, the country added 19 tonnes to its gold reserves in September, bringing the total volume of gold reserves to 330 tonnes. In August, the central bank also purchased 18 tonnes of gold. Currently, Poland is on track to achieve its target of 100 tonnes, as announced in 2021.
Gopaul also posted comments by the President of the National Bank of Poland, Adam Glapinski, which explain the rapid pace of the central bank’s gold purchases in 2023.
Poland desires to increase the share of gold in its total reserves to 20%. Currently, the bank owns 314 tonnes of gold, which constitutes 11% of the total reserve volume.
The material has been provided by InstaForex Company – www.instaforex.com
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