I have written here before about how, after a more inconsistent picture for central bank demand in the second half of 2020, our expectation was for continued net purchases in 2021 but at a more moderate pace than in previous record-setting years. So, how is that expectation holding up?
Initial estimates for April suggest that central banks added a net 69.4t to global gold official reserves.1 Year-to-date, we estimate that central banks have collectively bought between 150-200 tonnes of gold on a net basis.2
Chunky purchases have driven pick-up in central bank demand
Monthly gross purchases and sales by central banks