Mumbai, 01 May (CommoditiesControl): Central banks worldwide have significantly increased their gold purchases in the first quarter of 2024, reflecting a growing trend amid global economic uncertainties.According to the latest report from the World Gold Council, central banks collectively acquired 290 tonnes of gold between January and March, marking the highest first quarter purchase volume on record. This surge in buying indicates a strong appetite for gold reserves, highlighting its perceived value as a safe-haven asset in times of economic turmoil.
Turkey emerged as the largest purchaser during this period, boosting its gold holdings by an impressive 30 tonnes to reach a total of 570 tonnes. The Central Bank of Oman and the Qatar Central Bank also notably increased their reserves by 4 tonnes and 2 tonnes, respectively, signaling a strategic move to diversify assets amidst market uncertainties.
Meanwhile, major players like the People’s Bank of China and the Reserve Bank of India continued to bolster their gold reserves. China added 27 tonnes to its holdings, reaching a total of 2,262 tonnes, while India increased its reserves by 19 tonnes, surpassing last year's purchases.
The trend extended beyond Asia, with the National Bank of Kazakhstan acquiring an additional 16 tonnes of gold, further reinforcing the global surge in central bank gold reserves.
European banks also participated in the gold rush, with notable purchases from the Czech National Bank and the National Bank of Poland, adding 5 tonnes and 1 tonne, respectively, to their reserves.The significant increase in gold acquisitions by central banks underscores the metal's enduring appeal as a store of value and a hedge against economic uncertainty. As central banks continue to shore up their reserves, gold is likely to remain a key asset in navigating the volatile global economic landscape.
(By Commoditiescontrol Bureau; +91-9820130172)
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