Kazakhstan emerged as the world's second-largest buyer of gold, with global central banks acquiring 33 tons of gold in April 2024, nearly double the 16 tons purchased in March. This development, according to the World Gold Council (WGC), places Kazakhstan behind only Turkey in terms of gold purchases.
Leading the acquisitions was the Central Bank of Turkey, which increased its gold reserves by 8 tons. Kazakhstan and the Reserve Bank of India followed closely behind, each acquiring 6 tons of gold, thus sharing second place with Turkey. Other significant purchasers included the National Bank of Poland (5 tons), the Monetary Authority of Singapore (4 tons), the Central Bank of Russia (3 tons), and the Czech National Bank (2 tons).
In April, Kazakhstan acquired 3 tons more gold than Russia, a notable shift from March when Kazakhstan's lead was just one ton.
In contrast, the National Bank of China reported a notable slowdown in gold purchases, with its reserves increasing by under 2 tons in April to reach 2,264 tons. This marks the lowest monthly increase since November 2022, when the bank resumed publishing gold statistics, and is below the 18-ton average rate seen before April 2024.
The central banks of Uzbekistan and Jordan each reported a one-ton decline in their gold reserves, representing a significant slowdown in gold sales compared to the previous months.
During 1Q24, Kazakhstan acquired 16.4 tons of gold, making it the world's fourth-largest gold purchaser after Turkey (30.1 tons), China (27 tons), and India (18.5 tons). In contrast, regulators in Uzbekistan, Thailand, and Jordan reported the largest declines in their gold reserves, with reductions of 13.7, 9.6, and 4.5 tons, respectively.
The London Bullion Market Association (LBMA) noted that gold prices have been on the rise since October 2022, when a troy ounce cost over $1,600. By June 4, the price had reached more than $2,300 per troy ounce. In early April 2024, BASS Gold predicted that the price of gold would reach $2,600 per ounce by the end of the year, based on expert and market participant opinions.
Comments (0)