Global Central Banks May Buy 500 Tons of Gold This Year!

Gold buying momentum by global central banks continues unabated

Date: 2021.07.07 Source of

Global central banks may buy 500 tons of gold this year!

Although the Fed’s attitude towards raising interest rates is more hawkish, global central banks still maintain a “buy, buy, buy” attitude towards gold.

The latest monthly data on central bank gold reserves released by the World Gold Council showed that the official gold reserves of global central banks increased by 56.7 tons in May, but the increase was 11% lower than in April. In May, the Bank of Thailand became the largest "buyer" of gold for the second consecutive month, purchasing 46.7 tons of gold, accounting for 82% of the total net purchases of gold by central banks. The Central Bank of Turkey also increased its holdings of 8.6 tons of gold that month.

In addition, other central banks that purchased gold during the month included Brazil (11.9 tons), Kazakhstan (5.3 tons), Poland (1.9 tons) and India (0.9 tons).

Global central banks may buy 500 tons of gold this year. While the central bank is buying gold, the global central bank gold sales in May also increased month-on-month, with a total gold sales of 18.9 tons, the highest level since January this year.

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