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Gold Reserves By Country: The World Gold Council (WGC) said on Thursday that central banks around the world bought 60 tonnes of gold in October. Among them, India's Reserve Bank of India ( RBI ) bought the most gold. RBI bought 27 tonnes of gold in October. According to these WGC figures based on the monthly report of the International Monetary Fund ( IMF ), India increased its gold reserves by 27 tonnes in the month of October, which increased its total gold purchases to 77 tonnes from January to October this year.
5 times increase in buying gold
WGC said that this gold purchase by RBI represents a five-fold increase compared to the same period last year. Data shows that with this purchase, India's total gold reserve has now increased to 882 tonnes, out of which 510 tonnes are present in India.
Which other countries were ahead in buying gold?
WGC said that central banks in emerging markets have dominated gold purchases. Turkey and Poland have increased their gold reserves by 72 tonnes and 69 tonnes respectively during January-October 2024.
It said that the central banks of these three countries alone have bought 60 percent of the total global net purchase of gold this year. (Input - Bhasha)
These countries also bought gold heavily.
The National Bank of Kazakhstan added 5 tonnes of gold to its reserves after five months of net sales, however, the country still remains a net seller. The Czech National Bank (CNB) added 2 tonnes of gold, making October its 20th consecutive month of net purchases. The CNB accumulated 37 tonnes of gold during this period, taking its total gold reserves to 49 tonnes.
Kyrgyzstan added 2 tonnes of gold to its reserves, bringing its year-to-date purchases to close to 6 tonnes and recording the highest monthly net purchase in October since September 2023.
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