Central banks go for the gold in January, pointing to a third straight year of strong demand – WGC’s GopaulKitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity.
Gopaul said the answers to these questions are beginning to emerge with the latest central bank purchase data, and they bode well for gold bugs. “In January, central banks reported that they increased global official gold reserves by 39t.” he wrote. “This was more than double the December net purchases of 17t, and the eighth consecutive month of net purchases.”
The People’s Bank of China increased their holdings by 10 tonnes in January, marking their 15th consecutive month of additions. “Total gold holdings now stand at 2,245t, nearly 300t higher than at the end of October 2022 when the bank resumed reporting gold purchases,” he said. “The Czech National Bank added nearly 2t – the eleventh consecutive month of buying,” he said. “Over that period gold reserves have surged from 12t to more than 32t .”
Turning to the question of why central banks continue to increase their gold reserves, Gopaul said the key drivers from the last two years remain in place. “Last year central banks placed great emphasis on gold’s value in crisis response, diversification attributes and store-of-value credentials,” he said. “A few months into 2024 the world seems no less uncertain meaning those reasons for owning gold are as relevant as ever.
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