World central banks in January, according to preliminary estimates of the World Gold Council, purchased 39 tons of gold for gold and foreign exchange reserves.
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This is more than double the updated December volumes (16.9 tons) and makes January the eighth consecutive month of growth, WGC analyst Krishan Gopaul notes in his review .
Who bought the most gold
The largest buyers in January were again Turkey (11.8 tons) and China (10 tons). India (8.7 tons), Kazakhstan (6.2 tons), Jordan (3.1 tons), Czech Republic (1.7 tons) and others also purchased gold for their reserves.
Significant sales were reported the Bank of Russia alone – 3.1 tons, according to WGC.
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This repeats the trend that has developed since 2021, Gopaul notes: a decrease in inventories of about 3 tons with subsequent replenishment.
“We believe that this activity is related to the country’s coinage program,” the analyst explained.
- Gold
