According to data from the World Gold Council, the CBRT was the central bank that bought the most gold last November with 25 tons.
Krishan Gopaul, Chief Analyst for Europe, Middle East and Africa (EMEA) at the World Gold Council, reported that global central bank gold reserves, as reported by the International Monetary Fund (IMF) and publicly available sources, increased by a net 44 tons in November.
Gopaul pointed out that central bank gold demand at the global level maintained its momentum, gross purchases reached 60 tons, while gross sales remained at 15 tons.
Stating that the Central Bank of the Republic of Turkey (CBRT) increased its official gold reserves to 498 tons together with the Treasury by purchasing 19 tons in October, Gopaul said that the CBRT maintained its net seller position with 44 tons on an annual basis as a result of its intense net sales between March and May.
According to the data, the CBRT rose to the first place by purchasing 25 tons of gold in November, followed by the Central Bank of Poland with 19 tons and the People’s Bank of China with 12 tons.
Underlining that the Central Bank of Poland continued its recent purchases and added 6 tons to its gold reserves, Gopaul said, “Gold assets increased by more than 100 tons this year, reaching 340 tons. He emphasized that the Central Bank of India with a total of 3 tons, the Czech National Bank with a total of 2 tons, the National Bank of the Kyrgyz Republic with a total of 1 ton and the Central Bank of Qatar with a total of 1 ton were other important buyers in October.
Gopaul continued his statement as follows:
“October also saw higher volumes of sales compared to August and September. These sales were made by the Central Bank of Uzbekistan with 11 tons and the National Bank of Kazakhstan with 2 tons. We have already noted that both banks often alternate between net buying and selling, which is not unusual for banks buying gold.”