In November 2024, central banks worldwide added a total of 53 tonnes of gold to their reserves. Among these, the Reserve Bank of India (RBI) added 8 tonnes, according to a report by the World Gold Council (WGC) published on January 6, 2025. This move highlights the continued interest of central banks, particularly those from emerging markets, in securing stable and secure assets amidst global economic uncertainties.
Key Highlights of Central Bank Gold Purchases
- Global Gold Buying Trends: Central banks, especially from emerging markets, continued to be significant buyers of gold in 2024. This trend was driven by the desire to hold stable assets amid ongoing global economic challenges.
- Gold Price Dip: The WGC suggested that the dip in gold prices in November, following the U.S. election, may have provided additional motivation for central banks to increase their gold reserves.
- India’s Gold Purchases: The Reserve Bank of India added 8 tonnes of gold in November, bringing its total gold purchases for the year to 73 tonnes. With a total of 876 tonnes in reserves, India remained the second-largest buyer of gold in 2024, after Poland.
Notable Gold Purchases by Other Countries
- Poland: The National Bank of Poland (NBP) was the leading buyer in November, increasing its gold reserves by 21 tonnes. This brought its total year-to-date purchases to 90 tonnes, with total holdings reaching 448 tonnes.
- Uzbekistan: The Central Bank of Uzbekistan added 9 tonnes of gold in November, marking the first monthly increase since July. This raised its year-to-date purchases to 11 tonnes, bringing total holdings to 382 tonnes.
- Kazakhstan: The National Bank of Kazakhstan increased its gold reserves by 5 tonnes in November, continuing its buying streak for the second consecutive month. This made Kazakhstan a net purchaser, with total holdings at 295 tonnes.
- China: The People’s Bank of China resumed gold purchases after a six-month hiatus, adding 5 tonnes to its reserves. This brought its year-to-date purchases to 34 tonnes, with total holdings reaching 2,264 tonnes, representing 5% of its total reserves.
- Jordan: The Central Bank of Jordan saw its gold reserves rise by over 4 tonnes in November, marking the first monthly increase since July. Year-to-date purchases totaled nearly 2 tonnes, with total holdings reaching 73 tonnes.
- Turkey: The Central Bank of Turkey increased its gold reserves by 3 tonnes in November. It also entered into reverse swap agreements (gold for lira) with domestic commercial banks to manage liquidity.
- Czech Republic: The Czech National Bank’s gold reserves rose by almost 2 tonnes in November, continuing its buying streak for the 21st consecutive month. Year-to-date purchases reached nearly 20 tonnes, bringing total holdings to just above 50 tonnes.
- Ghana: The Bank of Ghana added 1 tonne of gold in November, bringing its year-to-date purchases to 10 tonnes, with total holdings reaching 29 tonnes. Additionally, the bank launched the Ghana Gold Coin as part of its efforts to stabilize the economy and promote investment in gold.
Notable Gold Sales
- The Monetary Authority of Singapore was the largest seller of gold in November, reducing its reserves by 5 tonnes. Year-to-date sales amounted to 7 tonnes, bringing total holdings to 223 tonnes.
Multiple-Choice Questions (MCQs):
- How much gold did central banks worldwide add to their reserves in November 2024?
- a) 53 tonnes
- b) 73 tonnes
- c) 8 tonnes
- d) 90 tonnes
- Which country was the second-largest buyer of gold in 2024?
- a) Poland
- b) India
- c) China
- d) Uzbekistan
- What was the total gold added by the Reserve Bank of India in November 2024?
- a) 5 tonnes
- b) 8 tonnes
- c) 21 tonnes
- d) 3 tonnes
- Which country increased its gold reserves by 21 tonnes in November 2024?
- a) Uzbekistan
- b) Kazakhstan
- c) Poland
- d) Turkey
- What was the total gold holdings of the People’s Bank of China after its November 2024 purchases?
- a) 2,264 tonnes
- b) 382 tonnes
- c) 448 tonnes
- d) 295 tonnes
- Which country was the largest seller of gold in November 2024?
- a) Ghana
- b) Singapore
- c) Turkey
- d) Czech Republic