Following two consecutive months of net sales, central banks resumed buying in October: global official gold reserves rose by 22.8t on a net basis. Levels of buying remained consistent with the previous two months, but selling activity was far reduced. As we noted in our Q3 Gold Demand Trends report, Q3 2020 was the first quarter of net sales since Q4 2010, largely due to hefty sales from Uzbekistan and Turkey. This prompted a renewed focus on central bank gold demand and whether it signalled a change in mindset towards gold accumulation.
Central banks resume gold buying in October