Central Banks Ramp Up Gold Reserves in November 2024

In November 2024, central banks globally increased their gold reserves by 53 tonnes, with the Reserve Bank of India adding 8 tonnes. This surge, driven by economic uncertainties, saw major contributions from Poland, Uzbekistan, and China, reflecting a global trend towards securing stable assets.

In November 2024, central banks worldwide collectively bolstered their gold reserves by adding a net total of 53 tonnes, according to the World Gold Council's latest report. Among the eager purchasers was the Reserve Bank of India, which contributed an 8-tonne increase, continuing its gold accumulation trend.

The report highlighted sustained interest from central banks, particularly from emerging markets, in securing gold amidst ongoing global economic uncertainties. Poland emerged as the leading buyer, augmenting its reserves by 21 tonnes, while Uzbekistan resumed its accumulation after a hiatus, adding 9 tonnes.

Other notable buyers included the People's Bank of China, Kazakhstan, and Jordan, each expanding their gold holdings. Conversely, the Monetary Authority of Singapore was the significant seller, reducing its reserves by 5 tonnes, illustrating the varied strategies in gold reserve management globally.

(With inputs from agencies.)