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(Kitco News) Even with gold trading at higher levels in March, the central bank of Singapore continued to add gold to its reserves throughout the month, according to the World Gold Council.
The Monetary Authority of Singapore purchased 17.3 tonnes of gold in March, said WGC's senior analyst Krishan Gopaul.
"This means they have bought 68.7 tonnes of gold in Q1'23, lifting gold reserves to 222.4 tonnes (45% higher than at the end of December)," Gopaul said on Twitter.
Latest data from the Monetary Authority of Singapore shows their #gold reserves increased by 17.3 tonnes in March. This means they have bought 68.7 tonnes of gold in Q1'23, lifting gold reserves to 222.4 tonnes (45% higher than at the end of December). pic.twitter.com/bAvCJ5Pz4L
— Krishan Gopaul (@KrishanGopaul) April 28, 2023
China was another country that kept adding gold to its reserves in March, with the People's Bank of China reporting an additional 18-tonne gold purchase. This marked its fifth consecutive month of gold buying, with China's total gold reserves now standing at 2,068 tonnes, according to the WGC.
India also bought 3.5 tonnes of gold bullion during the month, raising its Q1 total to 7.3 tonnes, said Gopaul. The central bank now holds 794.6 tonnes of gold in its reserves.
With gold attempting to breach $2,000 an ounce in March, there was also some selling activity. Turkey's central bank, the top gold buyer in 2022, began offloading its reserves to help meet surging domestic demand.
The central bank's data showed that gold reserves fell 9% in the last seven weeks. And the WGC reported that Turkey sold 15 tonnes of gold in March, marking the first monthly net sale since November 2021.
Turkey has seen its gold demand intensify during the past year, with citizens embracing the precious metal as a hedge against inflation and local currency devaluation.
Another bank that offloaded some gold was the National Bank of Kazakhstan, which sold 10.5 tonnes in March. However, Kazakhstan was a seller even before March. Year-to-date, the Bank reduced its gold holdings by 19.6 tonnes. The country's total gold reserves are now at 332 tonnes - the lowest since August 2018.
