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Singapore adds gold to its reserves, buys 45 tonnes in January

Kitco News

(Kitco News) In the latest central banks gold-buying news, Singapore purchased 45 tonnes of gold in January, the World Gold Council said.

"Based on data on the Monetary Authority of Singapore website, it added 44.6 tonnes of #gold to its official reserves in January," Krishan Gopaul, senior analyst at the WGC, tweeted Monday.

This was the highest monthly purchase on record and the first boost to the country's gold reserves since June 2021, Gopaul pointed out. The records go back to August 2000. Singapore's gold reserves now stand at 198.4 tonnes.

After the news broke, the WGC had to revise its January totals. The WGC estimates that central banks bought 77 tonnes of gold in January, up from 31 tonnes reported Thursday.

"Following the announcement of a ~45 tonne #gold purchase by Singapore, our estimate of global net buying in January has been revised to 77 tonnes (+192% m-o-m)," Gopaul wrote.

This comes after a record-setting year in 2022 when central banks purchased 1,136 tonnes.

Singapore was the number one official gold buyer in January, pushing Turkey into the second spot. Turkey bought 23 tonnes of gold, which brought its total gold reserves to 565 tonnes.

China purchased 15 tonnes of gold in January on top of the 62 tonnes reported in November and December. China's total gold reserves are now at 2,025 tonnes.

Kazakhstan's central bank also added four tonnes of gold, raising its reserves to 356 tonnes.

Uzbekistan's central bank sold 12 tonnes of gold in January. Its gold reserves are now at 384 tonnes, which is 66% of its total reserves.

In January, gold rose from $1,860 an ounce to a peak of around $1,960 an ounce. At the time of writing, April Comex gold futures were trading at $1,857.80, up 0.17% on the day.

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