Global Central Banks Increase Gold Reserves Amid Economic Uncertainties

In November 2024, global central banks added a total of 53 tonnes of gold to their reserves, showcasing a growing preference for gold as a stable asset during times of global economic uncertainty. India emerged as the second-largest buyer of the year, with total purchases reaching 73 tonnes, bringing its reserves to 876 tonnes.

Poland Leads the Pack in Gold Purchases

The National Bank of Poland (NBP) was the largest buyer in November, increasing its reserves by 21 tonnes to 448 tonnes. Gold now accounts for nearly 18% of Poland's total reserves, close to its 20% target. With year-to-date purchases of 90 tonnes, NBP has maintained its position as the top gold buyer of 2024.

Other Notable Buyers and Sellers

Other significant buyers included the Central Bank of Uzbekistan, which added 9 tonnes, and the Reserve Bank of India, which continued its acquisition streak by adding 8 tonnes. Meanwhile, the Monetary Authority of Singapore was the largest seller, reducing its reserves by 5 tonnes to a total of 223 tonnes.