RBI Leads Global Gold Buying in October, Adds 27 Tonnes

Central banks across the globe purchased 60 tonnes of gold in October 2024, according to the World Gold Council (WGC). The Reserve Bank of India (RBI) led the buying spree, adding 27 tonnes to its reserves.

India’s Gold Reserves Hit 882 Tonnes

With the October addition, India’s gold reserves now stand at 882 tonnes, of which 510 tonnes are stored domestically. The RBI’s gold purchases from January to October totalled 77 tonnes, marking a 5-fold increase compared to the same period in 2023, as per WGC data based on the International Monetary Fund (IMF).

Emerging markets were at the forefront of gold buying. Turkey and Poland added 72 tonnes and 69 tonnes, respectively, between January and October, accounting for a significant portion of global net purchases alongside India. These 3 countries alone represented 60% of the total reported central bank gold purchases this year.

Turkey Sets a Record with Gold Buying Streak

The Central Bank of the Republic of Turkey added 17 tonnes of gold in October, extending its streak to 17 consecutive months of net buying. This was the highest monthly purchase reported since December 2023.

Poland and Other Nations Add to Reserves

Poland continued its steady accumulation, adding 8 tonnes in October. The National Bank of Poland has consistently increased its gold reserves for 7 months and aims for gold to represent 20% of its total reserve assets.

Meanwhile, Kazakhstan reversed its selling trend, buying 5 tonnes in October. The Czech National Bank (CNB) and Kyrgyzstan each added 2 tonnes, while Ghana increased its reserves by 1 tonne, bringing its total to 28 tonnes.

Record-Breaking Month for Gold Reserves
October’s gold purchases outpaced the totals for the April-June and July-September quarters, highlighting a surge in demand from central banks globally.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.