Global gold reserves experienced a continued increase⁤ in August, with‌ central banks adding a net 15 tonnes, according to​ the World Gold Council (WGC).This level‌ of purchasing⁣ aligns with the monthly net purchases observed between March and June, signaling a sustained return​ to gold ‌acquisition.

In ​August,⁤ the overall demand ‌for gold saw a slight decrease, with total demand reaching 0.8⁤ tonnes, compared to 2.8 tonnes in January, 0.6 tonnes in March,and⁤ 0.4 tonnes in June, as reported by the WGC.
⁣ ​ ⁣

Key Central ‍Bank Purchases in August

⁤ Several central banks ⁢actively contributed to ⁢the August increase⁢ in gold ⁢reserves. The National Bank of Kazakhstan led with an addition‌ of 8 tonnes, marking⁤ its ⁤sixth consecutive month of gold purchases. Kazakhstan’s total⁤ gold holdings now stand at⁣ 316 tonnes, a ⁢32-tonne increase sence the end of 2024.
⁣

‌ The⁢ Bulgarian National Bank also increased its gold reserves by 2 tonnes, the largest monthly increase since ​June ‌1997 (8 tonnes), bringing⁣ its total holdings⁤ to 43 tonnes.

⁤ The People’s Bank of⁣ China ⁣reported a 2-tonne purchase, continuing a ten-month streak of reported⁤ monthly increases. china’s total gold​ holdings have surpassed 2,300 tonnes, though gold still represents only ⁤7% of the country’s total international reserves, according‍ to the WGC.

Central Bank Gold Reserves: A⁤ Growing Trend

⁣ ⁤ The consistent⁢ accumulation of gold by central banks reflects a broader trend of ‍diversifying away from traditional​ reserve currencies and seeking safe-haven assets. Geopolitical uncertainties and concerns about ​inflation are likely⁤ contributing⁢ factors to this increased ‍demand.
⁣