RBI added 8 tons gold to its reserves in Nov 2024: WGC

Mumbai, PTI: Central banks around the world collectively, in November 2024, added 53 tonnes of gold to their reserves, of which the Reserve Bank of India's addition was 8 tonnes, the World Gold Council (WGC) said in a report on Monday. In 2024, central banks - mostly those from emerging markets - remained keen buyers of gold, driven by the need for a stable and secure asset amid global economic uncertainties.

"Assessing the final act of 2024, central banks around the world continued to play a leading role in the demand for gold. November represented another solid month of gold buying as central banks collectively added a net 53 tonnes to global official holdings," WGC said in a report - Central bank gold statistics November 2024. The gold price dip in November, following the US election, may have provided some central banks with the added impetus to accumulate, WGC said.

WGC further noted that the Reserve Bank of India (RBI) continued with its 2024 buying streak, adding a further 8 tonnes to its gold reserves in November. According to WGC, the National Bank of Poland (NBP) was a major buyer in November increasing its gold reserves by 21 tonnes in November, taking its total year-to-date purchase to 90 tonnes and the total holding to 448 tonnes.

The Central Bank of Uzbekistan's gold reserves rose by 9 tonnes during the month - the first monthly addition since July. The bank's year-to-date net purchases amounted to 11 tonnes and total gold holdings amounted to 382 tonnes, according to the report. Meanwhile, the National Bank of Kazakhstan increased its gold reserves by 5 tonnes, the second successive month of buying as a result, the bank has flipped to being a net purchaser with a total gold holdings of 295 tonnes.

The People's Bank of China (PBoC) had resumed gold purchases after a six-month hiatus, adding 5 tonnes of gold to its reserves, increasing its yearto- date net purchases to 34 tonnes and its total reported gold holdings to 2,264 tonnes (5 per cent of total reserves), the report said.