In June, several central banks worldwide bolstered their gold reserves, as per to the World Gold Council, reported Kitco on July 17. The People's Bank of China emerged as the largest buyer, acquiring 21 tons of gold during the month, bringing its total holdings to 2,113 tons. The Central Bank of Poland secured the second spot, adding approximately 13 tons to reach a total of 276 tons by the end of the first half of the year.
The Turkish Central Bank, after selling 159 tons in the previous three months, made a significant comeback in gold purchases and secured the third position by acquiring 11 tons in June. Uzbekistan, which experienced a decline in gold reserves since February, witnessed an increase as it purchased 8 tons of the precious metal. The National Bank of the Czech Republic concluded the top five by acquiring three tons of gold in June, accounting for almost half of its total purchases since the beginning of the year.
Uzbekistan's Central Bank reported an increase of 6.2 tons in its national gold reserves over the past month. However, due to a slight decrease in gold prices, the value of the reserves declined by $137 mn. Notably, the country had actively exported gold in previous months, with May alone witnessing deliveries worth $1.3 billion. Overall, Uzbekistan's gold exports grew by 47.3% compared to the same period last year, reaching $4.37 bn since the beginning of this year.
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