Global Central Banks’ Net Gold Purchases Hit 321 Tons in Third Quarter, Fifth-Largest on Record
Summary
- Global central banks’ net gold purchases in the third quarter rose about 8% from the previous quarter to about 321 tons, the fifth-largest total on record.
- Cumulative net gold purchases for January through September reached about 675 tons, up about 6% from a year earlier.
- The World Gold Council said that although gold prices remain at historically high levels, long-term strategic demand including reserve diversification and risk management continues to support central banks’ gold purchases.
Forecast Trend Report by Period
Global central banks’ net gold purchases in the third quarter were the fifth-largest on record.
According to the Kobeissi Letter and other sources on November 11, central banks worldwide bought a net 321 tons of gold in the third quarter. That was about 8% more than the previous quarter’s 296 tons and marked the fifth-largest total on record.
China and Poland led the buying. The People’s Bank of China added 63 tons of gold in the third quarter alone. Poland’s central bank bought about 40 tons during the quarter.
Cumulative net gold purchases for January through September totaled about 675 tons, up about 6% from a year earlier. The World Gold Council said that although gold prices remain at historically high levels, long-term strategic demand, including reserve diversification and risk management, continues to support central bank purchases.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul