Central banks around the world have resumed their gold purchasing activities in June, according to data from the International Monetary Fund (IMF). After three consecutive months of net selling, central banks added a total of 55 tonnes of gold to their reserves during this period. The largest buyer of gold in June was China, which purchased 21 tonnes, maintaining its buying spree for the eighth consecutive month. Other notable buyers included the Central Bank of Turkey, which had previously been a net seller but added 11 tonnes to its reserves, and the National Bank of Poland, which added 14 tonnes as part of a government plan to purchase up to 100 tonnes of gold. In addition to these countries, Uzbekistan, the Czech Republic, Qatar, and India also increased their gold reserves. However, Kazakhstan and Singapore were the only two countries that sold significant amounts of gold during June. Kazakhstan sold 3 tonnes, indicating that it may continue to offload more in the coming months in order to reach an “optimal level” of gold in its reserves. The Monetary Authority of Singapore also reduced its reserves by 1 tonne. Overall, central bank demand for gold remains steadfast, with the trend of net buying expected to continue.
Hashtags: #centralbanks #goldpurchases #China #Turkey #Poland #Uzbekistan #CzechRepublic #Qatar #India #Kazakhstan #Singapore #goldreserves
SEO Keywords: central banks, gold purchases, China, Turkey, Poland, Uzbekistan, Czech Republic, Qatar, India, Kazakhstan, Singapore, gold reserves
Keyphrase: Central banks ramp up gold purchases in June
Image: https://i0.wp.com/weeklyfinancenews.online/wp-content/uploads/2023/08/gold1.jpg
Comments are closed.