Central banks gold buying: During the current financial year i.e. 2025, central banks around the world can buy more than 1 thousand tonnes of gold in the fourth consecutive year. This is estimated in the latest report of the World Gold Council (WGC).
According to the World Gold Council, the way uncertainty in the global economy due to trade war is increasing, the purchase of central banks may continue even further. Evidence of this is also found from the December quarter data. During 2024, central banks from all over the world bought 1,044.6 tonnes of gold, out of which 333 tonnes of gold was procured only during the October-December quarter. This was the same time when Trump’s victory led to a tremendous confusion at the global level over his policies.
The procurement of central banks was much higher in 2024 and an annual average of 473 tonnes between 2010 and 2021. In this way, the 15th consecutive year Central Bank was the Net buyers of this precious metal in 2024. In 2023 and 2022, 1,050.8 tonnes and 1080.01 tonnes of gold were purchased by Central Banks respectively. These figures show how much the purchase of central banks has contributed to the purchase of gold prices in the last three years.
Who is ahead in terms of shopping
According to the World Gold Council, the highest purchase was done in 2024 by Central Bank of Poland, National Bank of Poland. During this time, the central bank of Poland increased its Gold Reserve by 90 tonnes. By the end of 2024, Poland’s gold reserve rose to 448 tonnes. In this way, gold’s stake in Poland’s total forex reserve has increased to 17 percent. The Turki’s central bank (CBRT) remained second. Turki’s central bank during this period increased by 74.80 tonnes in its gold reserve.
RBI was at number three
India’s central bank RBI (RBI) stood third in 2024 with a total of 73 tonnes of gold purchases. By the end of 2024, India’s gold reserve rose to 876 tonnes. In this way, gold stake in the country’s total foreign exchange reserves (Forex Reserve) rose to 11 per cent by the end of 2024. A year ago this stake was 7.7 percent. 2024 was the seventh consecutive year when RBI shopped for gold. On an annual basis, after 2001 it was the third largest purchase of gold from the central bank. More purchases were seen in 2021 and 2009. RBI bought 77 tonnes in 2021 and 200 tonnes in 2009. However, after 11 consecutive months of purchase, RBI (RBI) avoided gold purchases in December. The central bank retained the process of buying gold for the 11th consecutive month in November.
(Source: RBI)
China’s gold reserve reaches 2,280 tonnes
Talking about the calendar year 2024, the Gold Reserve of China increased by 44 tonnes during this period and increased to 2,280 tonnes which is 5 per cent of its total forex reserve. However, this is the lowest shopping of gold on an annual basis after 2022. The central bank of China purchased gold for the second consecutive month in December. In December 2024, 10 tonnes of gold was procured by China’s central bank People’s Bank of China (PBOC). Earlier, Chinese central bank bought gold in November 2024 for the first time after the six -month break i.e. April 2024. In November, 5 tonnes of gold was procured by the People’s Bank of China (PBOC).
(Source: World Gold Council)
Net sales during 2024
(Source: World Gold Council)