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Data in 2024 confirmed another year of net Central Bank Gold buying, which is the 15th consecuative year since 2009. Whilst some Central Banks sold in 2024, overall Central Banks were net buyers. Poland, Turkey and India were the top buyers although as Auronum reported, the Chinese State is underdeclaring their Gold purchases
November 2024 saw Central Banks add 53 tonnes to their Gold holdings. In the 11 months to November, Central Banks had added 372.5 tonnes of Gold in 2024. The buying momentum is likely to continue into 2025 as Gold remains central to Central Banks reducing exposure to the US Dollar
A review of the aggregate buying and selling of Central Banks over time. The chart shows periods in which Central Banks were net buyers and net sellers
Central banks collectively added 53t of gold in November, maintaining a strong year-long trend of gold purchases.
Poland’s National Bank has made a significant purchase of 21 tonnes of gold, increasing its total reserves to 448 tonnes. This move aligns with Poland’s strategy of diversifying its assets and approaching its ambitious target of having gold comprise 20% of its total reserves.
After a pause of six months, the People’s Bank of China resumed its gold buying, acquiring 5 tonnes. This acquisition brings China’s total gold holdings to 2,264 tonnes, highlighting its ongoing interest in strengthening its reserve assets.
Several countries also expanded their gold reserves. India added 8 tonnes, reflecting its growing emphasis on gold as a secure asset. Uzbekistan and Kazakhstan followed with purchases of 5 tonnes each, reinforcing their diversification strategies amidst global economic uncertainties.
While many countries increased their gold holdings, others reduced them. Singapore emerged as the largest seller, cutting its reserves by 5 tonnes. Finland made an even larger reduction, decreasing its gold holdings by 10 tonnes.
Central banks worldwide remain committed to gold as a key reserve asset, marking the 15th consecutive year of net gold purchases. This trend is driven by a desire to diversify reserves and hedge against global economic volatility and geopolitical risks.
This summary highlights both the buyers’ and sellers’ trends while emphasizing gold’s role as a stabilising factor in central bank reserves.
Poland being the largest buyer in the market during 2024 likely surprised many analysts. More purchases are likely into 2025 given Poland’s strategy
According to official data, Poland was the largest Gold buyer in 2024 with almost 90 tonnes bought. National Bank of Poland Governor Adam Glapiński confirmed that Poland holds 420 tons of gold, which is more than Great Britain and on par with India
The Polish central bank governor has set a target of increasing Poland’s Gold holdings to 20% of its total reserves, currently Gold represents around 15% of Poland’s foreign reserves
The Polish central bank’s recent buying spree began in 2021 when Glapiński announced a plan to buy 100 tons of the Gold. The National Bank of Poland achieved this last Autumn but remains a buyer in the market
Investing in Bullion
If central banks are buying Gold then perhaps investors will do well to follow this trend. Auronum has a range of low-premium Gold bullion products with new stock added to the website daily
