Data from the World Gold Council reveals that during the first half of the year, Poland and China continued to dominate gold purchases, with buying activity widely distributed among central banks in emerging markets.
Central banks in Uzbekistan, Kazakhstan, Jordan, the Czech Republic, Ghana, and Georgia maintained their gold buying sprees. In contrast, Russia and Turkey were the major sellers. June figures show that global central banks added a net total of 51 tonnes of gold to their reserves. The National Bank of Poland was the largest buyer, adding 19 tonnes, followed by the People's Bank of China, which purchased 15 tonnes.
Beyond the usual buyers, the central banks of Georgia (1 tonne) and Ghana (1 tonne) resumed their gold purchases. In June, the People's Bank of China acquired 15 tonnes of gold, the second-highest monthly total in the world. By the end of July, China's gold reserves stood at 2,366 tonnes, a net increase of approximately 20 tonnes from the previous month, marking the 21st consecutive month of purchases.
Overall, in the first half of the year, the National Bank of Poland was the largest official buyer (82 tonnes), followed by the Central Bank of Uzbekistan (41 tonnes), the People's Bank of China (40 tonnes), and the National Bank of Kazakhstan (27 tonnes). Central banks in the Czech Republic, Singapore, Chile, Jordan, and Ghana each purchased 6 tonnes or more. Smaller-scale purchases were concentrated among other emerging market central banks.
On the selling side, the Central Bank of the Republic of Turkey was the largest net seller (83 tonnes). Its sales were concentrated in the first quarter, with only 4 tonnes sold in the second quarter, and its swap positions decreased at the end of June. Russia has been a net seller, offloading 44 tonnes year-to-date.
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