Central banks around the world have made a big increase in their gold reserves in November 2024. Due to increased geopolitical tensions and inflation across the world, a rise in gold purchases is being seen. According to the report of the World Gold Council i.e. WGC, central banks together bought 53 tonnes of gold in November. The special thing is that India has also contributed significantly in this.
According to WGC, RBI purchased 8 tonnes of gold in November, after which the total gold reserve of RBI has increased to 876 tonnes. In this way, India purchased a total of 73 tonnes of gold in 2024.
India is at second place after Poland
The WGC report claims that India has been ranked second after Poland in terms of buying gold in 2024. According to statistics, the National Bank of Poland purchased the maximum of 90 tonnes of gold in 2024.
After this, the total gold reserve of Poland has increased to 448 tonnes. Gold accounts for 18 percent of Poland’s total reserves. If we talk about other countries showing interest in purchasing gold, apart from Poland, the Central Bank of Uzbekistan purchased 9 tonnes of gold in November, taking its total gold reserve to 382 tonnes.
At the same time, People’s Bank of China bought 5 tons of gold after a gap of 6 months and now China’s total gold reserve has become 2,264 tons, which is 5 percent of China’s total reserve. Apart from this, the Central Banks of Kazakhstan and Jordan have also increased their gold reserves.
Know which country has how much gold
According to the WGC report, Kazakhstan purchased 5 tons of gold and Jordan purchased 4 tons of gold. Interestingly, some countries have also reduced their gold reserves. According to WGC, the Monetary Authority of Singapore sold 5 tonnes of gold in November, leaving its total reserve at 223 tonnes.
Singapore sold a total of 7 tonnes of gold in 2024. Along with this, Finland sold 10 percent of its gold reserve in December, due to which its total reserve is now 44 tonnes. Finland’s gold reserves are now at their lowest level since 1984.
These gold purchases by central banks around the world show gold as a safe investment option amid global economic uncertainties. Continuous gold purchasing by countries like India is being seen as a strong step towards economic stability.
