Central Banks Purchase 473.4 Tons of Gold in First Half of 2024

Central banks purchased approximately 473.4 tons of gold during the first half of 2024, according to a report by the World Gold Council.

The report indicated that central bank purchases amounted to 290 tons in the first quarter and 183.4 tons in the second quarter.

The total global demand for gold reached approximately 2,031 tons during the first half of this year, including 1,102 tons in the first quarter and 929 tons in the second quarter.

The global demand for gold jewelry recorded around 870 tons, including 479 tons in the first quarter and 390 tons during the second quarter.

The total global demand for gold bars and coins was about 312.3 tons in the first quarter and 261 tons in the second quarter.

The World Gold Council's report, released yesterday, indicated that net purchases by central banks amounted to approximately 12 tons in June, following purchases of about 31 tons and sales of around 18 tons, reflecting a monthly decline of 7%, according to sources such as the International Monetary Fund and public data.

The report noted that the central bank of Uzbekistan and the Reserve Bank of India each added approximately 9 tons to their gold reserves during the month.

 The National Bank of Kazakhstan added around 6 tons, the central bank of Poland added about 4 tons, Qatar's central bank added 3 tons, Jordan's central bank added 2 tons, the Czech Republic added 2 tons, and Turkey added 1 ton. Meanwhile, the central bank of Singapore was the largest seller, with sales amounting to approximately (-12 tons) in June.