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7 Nov, 2023 05:14

Central banks on record gold-buying binge – industry group

Purchases were the highest on record in January-September, the World Gold Council has said
Central banks on record gold-buying binge – industry group

Central banks bought 800 tons of gold from January to September this year, the highest on record for the nine-month period, according to the World Gold Council.

In its Gold Demand Trends report for the third quarter of the year, the industry group said net buying of bullion by central banks in the first nine months was up 14% year-on-year.

Global gold demand excluding over-the-counter (OTC) trading was 8% ahead of its five-year average in the third quarter, but slipped 6% compared to last year’s all-time-high, the report added.

According to the World Gold Council’s data, China has been the largest buyer of gold this year as part of its 11-month buying streak. Among other notable buyers are Poland, Singapore, Türkiye, Russia, and India.

The increased purchases of gold by emerging economies follow a global trend of central banks moving away from the US dollar as a reserve currency.

Trust in the greenback has been diminishing globally since Washington weaponized the currency in its sanctions against Moscow over the Ukraine conflict and froze billions of dollars of the country’s foreign reserves.

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