Central banks remained net sellers in May but picture improves
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.
Central bank demand flipped negative in April amid Turkish selling
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.
2023 Central Bank Gold Reserves Survey
Following a historical high level of central bank gold buying, gold continues to be viewed favourably by central banks. Our 2023 survey revealed that 24% of central banks intend to increase their holding reserves in the next 12 months.
Global central bank gold reserves remained flat in March
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 banks show little sign of buyer fatigue in February
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.
You asked, we answered: the history, context and outlook for central bank gold buying
Record central bank gold buying last year shone a spotlight on the past, present and future of gold as a reserve asset. There are compelling reasons to expect continued buying from this sector
No dry January for central bank gold buying
Central bank gold demand in 2023 picked up from where it left off in 2022. In January, central banks collectively added a net 31t to global gold reserves (+16% m-o-m).
Gold Bond and Gold Denominated Lease Certificate Experience of Turkey
Gold is a precious metal that has been used in many sectors around the world, from ancient history to the present day. Demand for physical gold is ever increasing due to its attributes: it is a global currency and convertible everywhere, it is incapable of being spoiled, it is recyclable, does not corrode, and has high conductibility.
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