In November 2024, Uzbekistan became the world’s second-largest buyer of gold, according to the World Gold Council (WGC). In November 2024, the Central Bank of Uzbekistan purchased 9 tons of gold, marking the first increase in its gold reserves since July 2024. By the end of November, Uzbekistan’s total gold reserves reached 382 tons, with 11 tons purchased throughout the year.
Global Central Bank Gold Purchases
Central banks continued their robust gold buying in November 2024, with a total of 53 tons added to global official reserves. This continued a strong trend seen throughout the year, with emerging markets playing a central role in the increased demand for gold, driven by the desire for stable, secure assets amid global economic uncertainties.
- Poland led the purchases in November, adding 21 tons to its reserves, bringing its total to 448 tons. With a total of 90 tons purchased in 2024, Poland remains the largest buyer of gold this year.
- Uzbekistan takes second for November purchases with its 9-ton purchase and now holds 382 tons of gold.
- India added 8 tons to its gold reserves in November, raising its total holdings to 876 tons. India’s year-to-date purchases now total 73 tons.
- Kazakhstan increased its gold reserves by 5 tons in November, marking its second consecutive month of gold buying. Kazakhstan’s gold holdings now stand at 295 tons, and it has become a net purchaser for the year with 1 ton added to its reserves.
- China resumed gold purchases after a six-month hiatus, adding 5 tons to its reserves. The People’s Bank of China now holds 2,264 tons of gold, representing 5% of its total reserves.
- Jordan reported a 4-ton increase in its gold reserves in November, bringing its year-to-date net purchases to nearly 2 tons.
- Turkey added 3 tons to its gold reserves in November, and entered into reverse swap agreements (gold for lira) with domestic banks to manage liquidity.
Gold Sellers in November
While the overall trend has been for central banks to increase their gold reserves, there were notable sales in November:
- Singapore was the largest seller, reducing its gold reserves by 5 tons, bringing its total sales for the year to 7 tons, leaving it with 223 tons of gold.
- Finland announced a 10% reduction in its gold reserves in December, lowering its holdings to 44 tons, the lowest level since 1984. The sale was part of the Bank of Finland’s efforts to manage exchange rate risks.
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