GOLD: Central banks added 30 tonnes to global gold reserves

Gold plays an important part in central banks’ reserves management, and they are significant holders of gold. This gold reserve data – compiled using IMF IFS statistics – tracks central banks’ reported purchases and sales along with gold as a percentage of their international reserves.

Central banks added a net 30.1 tonnes (t) to global official gold reserves during the month, virtually in line with net purchases in June. This continues the healthy level of interest in gold we have seen from central banks so far this year.

Gross purchases totalled 34.3t for the month, down significantly from 63.1t in June, which was boosted by Brazil’s 41.8t purchase. Brazil (8.5t) was the largest purchaser in July, followed by Uzbekistan (8.4t) and India (7.5t) in adding significantly to their gold reserves. Turkey, Russia, Kazakhstan, and Mongolia bought a combined 9.8t over the month. Total gross sales were also significantly lower compared to June, totalling 4.2t in July, down 28.9t m-o-m. Qatar (2.2t) and Poland (1.9t) were the only two central banks to register meaningful declines in their gold reserves.