(Kitco News) – Central banks reported 60 tons of net gold purchases in October, the highest amount recorded in 2024, according to the latest figures from the World Gold Council (WGC).
“The October tally doubled that of the 12-month average with the RBI leading both y-t-d purchases and those reported during the month,” wrote Marissa Salim, Senior Research Lead, APAC at the World Gold Council. “India added 27t in October, bringing its total gold purchases to 77t y-t-d. India’s y-t-d net buying represents a five-fold increase on its 2023 activity.”
“Emerging market central banks continued to dominate the market with Turkey and Poland adding 72t and 69t y-t-d to their gold reserves, respectively,” she added. “These three central banks alone account for 60% of total global net purchases reported this year.”
Several other central banks reported net increases of one ton or more to their gold reserves in October.
“The Central Bank of the Republic of Turkey added 17t, making October the 17th consecutive month of net purchases and the highest reported monthly figure on record since December 2023,” the WGC said. “October’s figures have surpassed the quarterly total of Q2 and Q3. On a y-t-d basis, Turkey added 72t, representing around 34% of its total reserves.”
The National Bank of Poland bought 8 tons of bullion during the month, marking the seventh consecutive month of net buying. “On a y-t-d basis, Poland added 69t, making up 17% of its total reserves,” Salim said. “The NBP's annual report highlights its commitment to accumulating gold, with the central bank targeting a 20% allocation as a percentage of its total official reserve assets.”
The National Bank of Kazakhstan added five tons of gold to its reserves after five months of net selling, but the country remains a net seller in 2024 by four tons.
“The Czech National Bank (CNB) added 2t of gold, making October its 20th consecutive month of net buying,” she noted. “The CNB has accumulated 37t of gold over this period, lifting its total gold reserves to 49t.”
Kyrgyzstan bought two tons of gold during the month, with October the highest reported monthly net buying since September 2023 and bringing its 2024 purchases close to six tons.
“Data made available by the Bank of Ghana shows that its gold reserves now amount to 28t,” the WGC noted. “The country’s gold reserves have increased steadily since May 2023, when they stood at just under 9t. Ghana added a further 1t during the month.”
Salim said that with year-to-date gold purchases (both reported and unreported) reaching 694 tons by the end of Q3 – comparable to levels seen in 2022 – central bank demand remains robust, and IMF data also showed net sales were negligible.
“While rising gold prices appear to have inhibited some buying and prompted tactical sales over recent months, October's rebound in reported activity signals continued interest from central banks to accumulate gold within their reserve portfolios,” she concluded. “This reaffirms the role gold plays as a strategic asset for central banks to manage risks and diversify reserves.”
