The People’s Bank of China (PBoC) reported that its gold reserves remained unchanged at 72.8 million ounces (2,264 tons) at the end of September, according to Commerzbank commodity analyst Carsten Fritsch.
This marks the fifth consecutive month that the PBoC has not added to its gold reserves. Earlier in the year, the PBoC acquired 29 tons of gold, with most purchases concentrated in the first four months and only a small addition in April. For comparison, the PBoC had bought a total of 225 tons throughout 2023.
Despite the Chinese central bank’s pause, global central bank gold purchases reached 483 tons in the first half of 2024, according to the World Gold Council. Countries like India, Turkey, and Poland have continued their large-scale buying of gold, bolstering overall demand.
Furthermore, a significant portion of these purchases could not be traced to specific central banks, suggesting continued strong demand for gold from central banks globally. Even without substantial contributions from China, central bank activity is expected to remain a major factor driving gold demand this year.
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