RBI Gold Buying, Central Bank Gold Buying: India’s Reserve Bank of India (RBI) has emerged as the top gold buyer globally in 2024, achieving a significant milestone in October with record purchases.
According to Marissa Salim, Senior Research Lead for APAC at the World Gold Council, central bank gold demand remained robust, with year-to-date (y-t-d) buying reaching 694 tonnes by Q3 2024. October alone doubled the 12-month average, with RBI leading the charge, adding 27 tonnes during the month and bringing its total y-t-d purchases to 77 tonnes—a fivefold increase compared to 2023.
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October’s Record-Breaking Gold Buying
Globally, central banks reported 60 tonnes of net purchases in October, marking the highest monthly total for 2024. The RBI led with 27 tonnes added to its reserves, followed by Turkey (17 tonnes) and Poland (8 tonnes). Other notable buyers included Kazakhstan, which added 4 tonnes after months of net selling, and Kyrgyzstan, with 2 tonnes added.
Emerging Markets Dominate Gold Buying
Emerging markets continue to dominate the gold-buying landscape. Turkey added 72 tonnes y-t-d, accounting for 34% of its total reserves, while Poland followed closely with 69 tonnes y-t-d, making up 17% of its reserves. The National Bank of Kazakhstan, after five months of selling, recorded a net y-t-d reduction of 4 tonnes despite its recent additions. Ghana’s reserves also rose steadily, reaching 28 tonnes, with a further 1 tonne added in October.
Strategic Importance of Gold for Central Banks
Marissa Salim highlighted the enduring strategic value of gold for central banks:
“Central bank demand remains robust, with y-t-d buying comparable to levels seen in 2022. Despite rising gold prices inhibiting some purchases, October’s rebound signals continued interest in gold as a strategic asset to manage risks and diversify reserves.”
The robust demand reflects central banks’ focus on reducing reliance on traditional currencies and ensuring resilience in their reserve portfolios, with India leading this global trend in 2024.
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