Asian central banks to continue gold purchasing
Central banks in China, India and Singapore have added to their gold reserves amid geopolitical and foreign exchange uncertainties.
MikeTyes
Central banks in China, India and Singapore have added to their gold reserves amid geopolitical and foreign exchange uncertainties.
May 14, 2024
Annual demand of gold in 2023 fell by 5%, compared to that in 2022, to 4,448 tonnes, excluding over the counter OTC transactions. Within these changes, central banks contributed to 1,037 tonnes of the gold demand last year, the second highest on record, according to statistics from the World Gold Council WGC.
In the first quarter of 2024, global gold demand, including OTC, was up 3% year-on-year to reach 1,238 tonnes, marking the strongest first quarter since 2016. Excluding OTC, first quarter’s demand fell by 5% to 1,102 tonnes.
China, India and Singapore were among the Asian markets that added the most to their...
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