Central banks, including Poland, India, and Uzbekistan, increased gold reserves in July, with net purchases surging 206%. The trend highlights confidence in gold as a stable store of value.
Bollywood Fever: Central banks around the world continued to increase their gold reserves in July, even as gold prices rose, according to a report by Krishan Gopaul, senior analyst at the World Gold Council (WGC).
The report highlights a significant 206% jump in net gold purchases compared to the previous month, driven by key central banks bolstering their holdings amidst economic uncertainties.
Leading the charge was the National Bank of Poland, which added 14 tonnes of gold to its reserves, bringing its total holdings to 392 tonnes—now accounting for 15% of its total reserves.
The Central Bank of Uzbekistan followed closely, purchasing 10 tonnes of gold in July, marking its second consecutive month of buying. This move reversed its year-to-date status from a net seller to a net buyer.
The Reserve Bank of India (RBI) also remained an active participant, adding 5 tonnes of gold to its reserves in July, raising its total net purchases for the year to 43 tonnes.
The consistent accumulation across these central banks underscores a global trend of fortifying reserves with gold as a hedge against economic volatility.
Despite rising gold prices, Gopaul’s analysis suggests that central banks continue to view gold as a reliable store of value, especially in uncertain times.
The WGC expects this trend of increasing gold reserves to persist in the coming months as central banks prioritize financial stability.
Also Read other news articles, Web3 Security Firm Hypernative Raises $16M in Series A Funding Led by Quantstamp
Clearlake Capital to Acquire European Private Credit Firm MV Credit in Strategic Expansion