Central Banks Bought 170 Tons of Gold in 8 Months

Central banks around the world continued to boost their gold holdings in August, with net announced purchases totaling 39 tonnes, raising their total purchases since the beginning of the year to 170 tonnes in August, signaling a continued trend of central banks increasing the weight of gold in their reserves.

Data from the World Gold Council showed that China led August’s purchases by adding 20 tonnes to its reserves, marking its 22nd consecutive month of buying and raising its year-to-date purchases to 80 tonnes. Its official holdings stood at approximately 2,387 tonnes, equivalent to 9% of its total reserves.

Poland maintained its position as the top gold buyer since the beginning of the year, with total purchases reaching 98 tonnes after acquiring 8 tonnes in August, bringing its holdings to 648 tonnes and moving closer to its target of 700 tonnes.

Uzbekistan was among the prominent buyers in August, as its central bank added 8 tonnes, raising its year-to-date purchases to 50 tonnes. The country’s holdings reached approximately 439 tonnes, representing about 90% of its total reserves.

The National Bank of Kazakhstan also purchased 7 tonnes in August, increasing its year-to-date purchases to approximately 36 tonnes and bringing its holdings to 377 tonnes, which account for about 79% of its total reserves.