Net central bank purchases totalled 116.5t in Q1, 42% higher y-o-y and the highest Q1 total since 2014. Since becoming net buyers in 2010, central banks have bought – on average – 114.9t per quarter. Net purchases have become more concentrated since the 2013 peak: Russia, Turkey and Kazakhstan collectively account for nearly 50% of net purchases over the last five years.1
Gold Demand Trends Q1 2018
2 May, 2018
Central Banks and other institutions
Central bank demand was up 42% y-o-y, the highest first quarter since 2014
- Central bank net purchases totalled 116.5t in Q1, 42% higher than the previous year
- Russia, Turkey and Kazakhstan together bought 91t (net) in Q1
- Sales were again negligible: Qatar was the biggest seller, cutting reserves by 3.1t.
|Central banks & others||82.2||116.5||42%|
The 5-year period captures data from Q2'13 to Q1'18 - the last 20 quarters of data.
Data only available to end-February at time of publication.
Country-level gold reserves data are taken from the International Monetary Fund's International Financial Statistics (IFS), May 2018 edition, and other sources where applicable. IFS data are two months in arrears, so holdings are as of March 2018 for most countries, February 2018 or earlier for late reporters.