Krishan joined the World Gold Council in early 2011, and works within the Research team. He has previously held positions at Barclays Global Investors, Royal Bank of Canada and Bank of New York Mellon, focusing on investment and market data analysis for both asset management and servicing.
Krishan has a Bachelor’s degree (with honours) in Economics from the University of Essex, and a Masters in Finance from the London School of Economics.
Data for February shows that reported global central bank gold reserves rose by 19t, the ninth consecutive month of growth. At the same time February’s buying was 58% lower than January’s total of 45t.
In January, central banks reported that they increased global official gold reserves by 39t. This was more than double the (revised) December net purchases of 17t, and the eighth consecutive month of net purchases.
Reported global central bank gold reserves, via the IMF and publicly available sources, rose by a net 39t in December. Gross sales (2t) were again dwarfed by gross purchases (41t), highlighting the strength of buying.*
Reported global central bank gold reserves, via the IMF and publicly available sources, rose by a net 44t in November. Gross purchases (60t) heavily outweighed gross sales (15t) as central bank demand maintained its momentum.
Central banks’ gold buying slowed in October but did nothing to alter the overall trend of robust buying that has captured the attention of gold investors. Reported global net purchases totalled 42 tonnes (t) during the month, 41% lower than September’s revised total of 72t, but still 23% above the January-September monthly average of 34t.
Central banks collectively increased their gold reserves in August for the third consecutive month. They reported adding 77t to global official reserves during the month, a 38% up-tick from July’s buying. Recent buying has reinforced our confidence that the long-term trend of healthy central bank demand remains in place.
Having reported a return to net buying in June, the latest data shows global central banks continued to add to their gold reserves in July. Central banks reported healthy net purchases of 55t during the month.
Reported net purchases from central banks totalled 55t, the first month of sizeable global net buying since February.
As in recent months, activity from the Central Bank of Türkiye (CBRT) was pivotal to the global total.
Global central banks reported net sales of 27t in May, less than half the net sales seen in April. Excluding Türkiye’s sales, the trend in central bank buying is still in place.
Annual gold production rank in 2022 was unchanged y/y amongst the five largest gold producing nations, with China still the world's largest gold producer. Extending this to the top 20 countries, things look very different compared to 2010. But, more broadly, global gold mine production remains geographically diverse.
Central bank gold reserves declined by 71 tonnes in April, primarily due to Turkish selling. Despite this, we expect central banks to remain net buyers in 2023, supported by their overall positive sentiment towards gold reserves.
According to the IMF, reported global central bank gold reserves remained virtually unchanged in March. Available data shows purchases almost perfectly offset sales, resulting in a net increase of 0.2 tonnes.
Central bank gold buying momentum showed no signs of stalling in February. Reported global gold reserves rose by 52t during the month – the eleventh consecutive month of net purchases – following January's 74t. 1 This excludes updated data for Russia (more on that below), but still maintains the upward trend (based on the 12-month moving average) since June 2022.
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